The 4-star Ramada-Majestic hotel in Bucharest, owned by the Ener Holding group, has been put up for sale for EUR 13.5 million.
Built before World War I, it became the first hotel in the country affiliated with the American brand Ramada in the 1990s.
“The Turkish shareholders want to sell the hotel because they have all aged, and their children do not want to pursue the hospitality business. They have already sold another hotel, with 1,100 beds, which they owned in Antalya,” market sources stated.
The four Turkish shareholders are, according to termene.ro, Selim Orsan (28%), Ismail Isik, Yavuz Kemal, and Atil Mehmet (23.9% each). Ener Holding also controls the Gloria Jean’s coffee shop chain.
In 2017, the company reported a turnover of RON 10.3 million and a net profit of RON 762,063.
Classified at 4 stars, it has 111 rooms, a swimming pool, and two conference rooms. In the 1960s, the then-mayor of the capital, Ion Cosma, wanted to reintroduce Bucharest’s former landmark hotels into the tourist circuit. Thus, the Continental, Bulevard, and Majestic hotels reappeared in the heart of the city.
In 1993, a joint venture was created between the Romanian state, through Lido SA, and the Turkish group Bayindir. The Romanian side contributed the hotel, holding 49% of the newly formed company’s capital, while the Turks provided a cash contribution of USD 7.5 million, funds used to consolidate and modernize the hotel. It was the first 4-star hotel in Bucharest, having 76 rooms at that time. The consolidation and modernization of the hotel lasted until January 1996, and in the summer of that year, it hosted its first high-profile guest, Hillary Clinton, then the First Lady of the USA. Subsequently, a neighboring building was purchased, and the hotel was expanded, with works carried out between 2000 and 2003 requiring an investment of USD 5.5 million. Over time, through several capital increases, the Turkish group increased its stake, and 10 years ago, it also purchased the remaining shares from the Romanian state.
Source: Profit
Frequently Asked Questions
What is the asking price for the Ramada Majestic Hotel?
The hotel is currently listed for sale at 13.5 million EUR.
Who are the current owners of the hotel?
The hotel is owned by Ener Holding, controlled by four Turkish shareholders who also manage the Gloria Jean’s coffee chain.
What is the history of the Ramada Majestic building?
Built before WWI, it was modernized in the 90s to become Romania’s first Ramada hotel and has hosted notable figures like Hillary Clinton.