The Titanium hotel chain, which owns the Atrium brand, has recently taken over the former Blaxy hotel under lease and management. The complex is currently undergoing renovation and will open this year under the new concept on June 1st.
Atrium Hotel by the Blaxy is rated 4 stars, features 350 rooms, and is built near the Olimp resort, 400 m from the beach.
Titanium Hotels is a new and dynamic hotel chain, launched in Romania in 2016. Currently, it operates three hotels under the Atrium brand: Atrium Bucharest City Center, Atrium Mountain View Predeal, and Atrium Hotel by the Blaxy in Olimp.
Turkish businessman Oguz Yilmaz has attempted to sell the Blaxy hotel over the past year, but the main issue encountered was not the insolvency, but the fact that some of the Blaxy rooms are sold under a timeshare (periodic ownership) regime. Thus, the future operators will have both all-inclusive guests and room owners staying for one-week periods.
The latest analyzed data reveals that this business has stalled, with the operator entering insolvency, reporting total debts in 2017 of over 52 million RON (according to termene.ro), long-term debts of 7.4 million RON as of September 30, 2018, a lack of liquidity, and declining turnover—down 3.9% in 2017 and 52.4% in 2018 compared to the previous year.
Source: Profit
Frequently Asked Questions
When will Atrium Hotel by the Blaxy open?
The hotel is scheduled to open under the new all-inclusive concept on June 1st, following an extensive renovation process.
What are the main features of the new hotel?
Atrium Hotel by the Blaxy is a 4-star complex with 350 rooms, located near the Olimp resort, approximately 400 meters from the beach.
What was the specific challenge regarding the Blaxy property?
The property faced complications because some rooms were sold as timeshares (periodic ownership), meaning the operator must manage both all-inclusive guests and individual room owners who stay for one-week intervals.