Radu Enache to sell two lands in Timisoara and Iasi
The owner of the continental chain, Radu Enache wants to sell two lands in Timisoara and Iasi and sell Ibis hotel in Constanta in a lease back transaction, which involves the leasing buy back of the unit from a company specialized in this sort of transactions.
“I want to sell this lands but I am also ready to any kind of partnership: building hotels in a joint venture or to build the hotel for an investor to buy it and taking in charge the operation.”, says Radu Enache.
The businessman is also willing to sell the Ibis hotel in Constanta through a sale & lease back contract. In the summer of 2008, the hotel was sold and bought back through a similar operation.
The Continental chain includes 14 hotels with 1,860 rooms and turnover of approx. EUR 20 million. In 2011 Continental Hotels had a loss of approx. EUR 10 million and EUR 50 million total debts. (source: zf.ro)