Warimpex Finanz- und Beteiligungs AG and RAEF have announced the transaction of the Four Star Airport Hotel in Bucharest the Golden Tulip Sky Gate. The hotel was opened in 2001 and since 2005 it has been run under a franchise contract with Golden Tulip. The hotel offers 108 rooms and 3,000 m² of office space that can be transformed into 70 additional hotel rooms.
Warimpex buys Airport Hotel in Bucharest
The Golden Tulip Sky Gate is only 300 meters away from national and international terminals of Bucharest's Henri Coanda International Airport and is situated near the European Road E60/DN1 which connects Bucharest to Prahova Valley, Brasov and Western Europe.
The acquisition of the Sky Gate Hotel provides Warimpex with an investment in the increasingly important hotel sector in Romania. Warimpex purchased a 99,98% interest through the acquisition of shares in the course of a transaction concluded with the majority shareholder, the Romanian American Enterprise Fund (RAEF), and with the other two significant shareholders of the company owning the hotel. The parties have agreed not to disclose the purchase price.
"This acquisition is the first step into the large and growing Romanian market we intend to develop our Romanian activities as successfully as we did in the Czech Republic and Poland", says Franz Jurkowitsch, CEO of Warimpex.
"RAEF entered into this airport hotel investment in the late 1990s, in a period when the current developments of the Northern part of Bucharest, of the airport traffic and of the hospitality industry, in general, were still difficult to predict," says Horia Manda, Senior Vice President and CIO of RAEF. "In the meantime, lead by a young and dynamic managerial team, the hotel gained a good reputation on the market and achieved an excellent performance, more recently under the Golden Tulip flag. We are very pleased that the hotel and the team will become part of a strong and reputable corporation with important similar investments in the region; this will significantly enhance the quality of the services offered by the hotel to a steady growing but also more