Businessman Mohammad Murad is legally separating his hotel businesses from his real estate ones by establishing a new company to handle tourism distinctly.
The operation will be carried out through the division of Triumf Construct, controlled almost entirely by Murad. The company recorded a turnover of 17.6 million RON and a net profit of 1.8 million RON in 2016.
The new company, which will deal exclusively with the hotel industry, will be named Phoenicia Properties.
The division is justified by the need to separate activities specific to the hotel and public catering industry from those related to the construction and sale of residential buildings, for more efficient exploitation as independent operations.
Phoenicia Properties will take over land worth 43.3 million RON and buildings worth 18 million RON, all at book value.
Mohammad Murad controls, besides the Phoenicia hotel chain, the Spring Time restaurant chain and the Mandy canning factory.
Source: Profit
Frequently Asked Questions
What is Phoenicia Properties?
Phoenicia Properties is a new company established by Mohammad Murad to exclusively manage the group’s hotel assets and operations.
Why was Triumf Construct divided?
The division was necessary to separate tourism and public catering activities from residential construction, ensuring more efficient management of independent operations.
What other businesses does Mohammad Murad own?
In addition to the Phoenicia hotel chain, Mohammad Murad controls the Spring Time restaurant chain and the Mandy canning factory.