Continental Hotels has secured a 25 million RON loan from EximBank under the COVID-19 state aid scheme implemented by the bank following a special mandate from the Romanian state.<\/p>\n\n\n\n
The funds granted to Continental Hotels SA, within the financial support program for large companies and SMEs with a turnover exceeding 20 million RON in 2019, are intended to ensure the liquidity necessary for financing current operations.<\/p>\n\n\n\n
The economic context generated by the pandemic and the measures to limit the virus’s spread\u2014which heavily impacted the hotel market, the hospitality industry being among the first affected by the coronavirus crisis\u2014represented a major challenge for the largest Romanian hotel chain. To overcome this, the company implemented several cost-reduction measures and improved sales strategies.<\/p>\n\n\n\n
Radu Enache, President and CEO of Continental Hotels, stated that with EximBank’s support, the company will manage to finance its current operations while also focusing on continuing investment projects, which include the construction of two new hotels in Brasov and Iasi. The Continental Hotels portfolio includes the following proprietary hotel brands: Grand Hotel Continental (5 stars), four Continental Forum hotels (4 stars), two Continental hotels (3 stars), Hello Hotels (2 stars), two MyContinental hotels (3 stars), as well as food & beverage brands: Concerto Restaurant, Balkan Bistro, Bistro Continental, MyBistro, Mondo Restaurant, Victoria Club, Tekaffe, and Cofetaria Continental. The cities where Continental Hotels is present are: Bucharest, Arad, Oradea, Sibiu, Constanta, Targu Mures, Drobeta Turnu Severin, and Suceava, totaling over 1,860 rooms across 12 hotel units.<\/p>\n\n\n
The company accessed a 25 million RON loan through the COVID-19 state aid scheme provided by EximBank.<\/p>\nWhat is the purpose of the funds obtained from EximBank?<\/strong>\n The funds are intended to ensure liquidity for current operations and to support investment projects in new hotel units.<\/p>\nWhere does Continental Hotels plan to open new hotels?<\/strong>\n The hotel chain’s investment plans target the construction of two new units in the cities of Brasov and Iasi.<\/p>","protected":false},"excerpt":{"rendered":" Continental Hotels continues investment plans after receiving EximBank loan Continental Hotels has secured a 25 million RON loan from EximBank under the COVID-19 state aid scheme implemented by the bank following a special mandate from the Romanian state. The funds granted to Continental Hotels SA, within the financial support program for large companies and SMEs…<\/p>\n","protected":false},"author":0,"featured_media":69451,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2859],"tags":[3374,292,233],"thb-sponsors":[],"class_list":["post-117443","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-stirea-editiei-en","tag-continental-hotels-en","tag-eximbank","tag-radu-enache"],"article_style_override":"on","post-style":"style2","post_via":"","post-top-image":"https:\/\/rhn.ro\/wp-content\/uploads\/2020\/02\/topstory.jpg","_links":{"self":[{"href":"https:\/\/rhn.ro\/en\/wp-json\/wp\/v2\/posts\/117443","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/rhn.ro\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/rhn.ro\/en\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/rhn.ro\/en\/wp-json\/wp\/v2\/comments?post=117443"}],"version-history":[{"count":0,"href":"https:\/\/rhn.ro\/en\/wp-json\/wp\/v2\/posts\/117443\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/rhn.ro\/en\/wp-json\/wp\/v2\/media\/69451"}],"wp:attachment":[{"href":"https:\/\/rhn.ro\/en\/wp-json\/wp\/v2\/media?parent=117443"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/rhn.ro\/en\/wp-json\/wp\/v2\/categories?post=117443"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/rhn.ro\/en\/wp-json\/wp\/v2\/tags?post=117443"},{"taxonomy":"thb-sponsors","embeddable":true,"href":"https:\/\/rhn.ro\/en\/wp-json\/wp\/v2\/thb-sponsors?post=117443"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}