Grand Hotel Bucharest, the former Intercontinental hotel, managed by Compania Hotelieră Intercontinental, recorded a turnover of 26.8 million RON in 2022, an increase of 42.9% compared to the previous year, while net profit decreased by nearly 35% to 2.8 million RON.
The unit in University Square was inaugurated in 1971, following a 6 million USD investment. Currently, the Grand Hotel Bucharest, which belongs to the Compania Hotelieră Intercontinental Bucureşti (RCHI), operates 257 rooms and suites, a Club Lounge on the 21st floor, a spa center with an indoor pool on the 22nd floor, two restaurants, and over 1,500 square meters of conference space.
The hotel was rebranded in 2022, after the management contract under which the unit was operated by the international Intercontinental chain expired and was not extended by RCHI.
The last contract, concluded in 2006 between Compania Hotelieră Intercontinental România and IHG Hotels & Resorts, the owner of the InterContinental brand, marked the transition from a franchise agreement to a management contract with the international group.
Currently, Grand Hotel Bucharest is undergoing an extensive renovation project, a total investment of 21 million EUR scheduled for completion in 2024.
Frequently Asked Questions
What were the financial results for Grand Hotel Bucharest in 2022?
The hotel recorded revenues of 26.8 million RON (a 42.9% increase YoY) and a net profit of 2.8 million RON.
Why was the hotel rebranded from Intercontinental?
The rebranding occurred in 2022 after the management contract with IHG Hotels & Resorts expired and was not renewed by the owner, RCHI.
What is the current status of the hotel’s renovation?
Grand Hotel Bucharest is currently undergoing a 21 million EUR renovation project, which is expected to be finalized in 2024.