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SIF Hoteluri to sell hotel in western Romania for 11 mln euro

SIF Hoteluri to sell hotel in western Romania for 11 mln euro

BUCHAREST (Romania), June 7 (SeeNews) - Romania's hospitality holding SIF Hoteluri [BSE: CAOR] said it has concluded an agreement for the sale of its DoubleTree by Hilton hotel in the western city of Oradea for 11 million euro ($11.82 million).

The deal covers the transfer of the DoubleTree by Hilton hotel in Oradea, including real estate, fixed assets, inventory items, goods stocks, intangible movable assets, employees, contracts with suppliers as well as any other tangible or intangible assets, SIF Hoteluri said in a statement filed with the Bucharest Stock Exchange, BVB, on Monday.

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The name of the prospective buyer was not disclosed.

SIF Hoteluri decided to put the hotel up for sale in March, due to a lack of business growth prospects caused by the Covid-19 pandemic, according to an earlier bourse report.

In 2021, DoubleTree by Hilton swung to a 3.63 million lei ($789,000/734,500 euro) net profit from a 11.5 million lei net loss in 2020, while its net turnover rose to 13.2 million lei from 5.53 million lei in 2020, data posted on SIF Hoteluri's website showed.

According to the same source, SIF Hoteluri swung to a net profit of 4.59 million lei in 2021, from a 13.35 million lei net loss in 2020, while its net turnover increased to 16.4 million lei from 8.33 million lei in the previous year.

SIF Hoteluri is owned by Romanian investment fund SIF Banat-Crisana [BSE:SIF1]. The hospitality holding owns EuroHotel Timisoara, Eurohotel Baia Mare, Hotel DoubleTree by Hilton Oradea and Hotel Beta Cluj. In July, SIF Hoteluri announced it has sold the Rusca Hotel in Hunedoara, central-western Romania, for 1.1 million euro.

SIF Hoteluri shares traded up 14.44% at 2.06 lei as at 1047 CET on Tuesday on the BVB.

SIF Banat-Crisana's shares traded 0.83% lower at 2.39 lei by 1125 CET on Tuesday.

(1 euro=4.9426 lei)

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