The HP Tower Hotel in Brasov, formerly the Ramada, has been put up for sale again, this time as part of an insolvency procedure that started in October 2024. The property, a reference asset in the business segment of the Brasov metropolitan area, is strategically located at the entrance to the city and is, according to intermediaries, in very good condition, with an occupancy rate of over 80%.
The building has 113 rooms and suites, a SPA center, underground and above-ground parking, a 100-seat restaurant and modular conference rooms with a total capacity of 180 people, and is oriented towards the corporate and MICE (Meetings, Incentives, Conferences, and Exhibitions) segment. The sale also includes the technical and operating equipment necessary for its operation. The new owner will have to take over a 10-year lease contract, concluded in 2021 with Telekom Romania Mobile Communications, as well as an easement right in favor of SDEE Transilvania Sud for access to the electrical infrastructure.
This is not the first attempt to sell the hotel, with a similar procedure also taking place in 2023 at a price of €13.5 million. Before the pandemic, the company operating the hotel had a turnover of almost 12 million lei (about €2.36 million). However, the financial performance was affected by the restrictions in 2020, followed by rising operational costs, inflationary pressures and high financing costs, which led to the hotel going into insolvency. The company is in the observation phase and the sale of the asset is seen as a solution to relaunch the business under new management. “We expect a dynamic auction, given the major interest among HoReCa investors,” said Flavius Drăghici, COO of the azitis.com platform, which is handling the transaction.