American bank Goldman Sachs has sold, after 4 years, the hotel it owns in Bucharest, K+K Elisabeta, to InterGlobe, an Indian conglomerate with operations in aviation, hospitality, and travel across 16 countries and with approximately 25,000 employees. The transaction is valued at approximately EUR 11 million.
The Indian conglomerate, with the aviation brand IndiGo, has about 120 offices in approximately 70 countries. In the hotel niche, it has entered into a partnership with AccorHotels in France and has invested in numerous Ibis hotels, as well as Sheraton and Hilton.
In Romania, the Indian group is present through Interglobe Technologies, a provider of IT & BPO solutions in travel.
In the spring, it was announced that Goldman Sachs was selling the hotel it owns in Bucharest together with Highgate Hotels, a hotel management company, as part of a package with 9 other hotels in Europe from the same chain, in a transaction indicated by market sources at USD 450 million.
Goldman Sachs entered the Romanian hotel market in 2015, when Goldman Sachs and Highgate Hotels acquired the entire Austrian hotel chain K+K, founded in 1961 by brothers Josef and Helmut Koller and present in eight European cities: London, Paris, Vienna, Budapest, Prague, Barcelona, Prague, and Bucharest. The value of the transaction was estimated at that time at USD 300-350 million.
Frequently Asked Questions
Who bought the K+K Elisabeta hotel in Bucharest?
The hotel was acquired by InterGlobe, a major Indian conglomerate with global operations in aviation and hospitality.
What was the value of the transaction for the Bucharest hotel?
The sale of the K+K Elisabeta hotel is estimated to be worth approximately 11 million EUR.
When did Goldman Sachs first enter the Romanian hotel market?
Goldman Sachs entered the Romanian market in 2015 through the acquisition of the Austrian K+K hotel chain.