{"id":121464,"date":"2017-11-29T00:00:00","date_gmt":"2017-11-28T22:00:00","guid":{"rendered":"https:\/\/rhn.ro\/the-sale-contract-for-the-radisson-blu-hotel-complex-in-bucharest-has-been-signed\/"},"modified":"2026-03-28T11:58:08","modified_gmt":"2026-03-28T09:58:08","slug":"the-sale-contract-for-the-radisson-blu-hotel-complex-in-bucharest-has-been-signed","status":"publish","type":"post","link":"https:\/\/rhn.ro\/en\/the-sale-contract-for-the-radisson-blu-hotel-complex-in-bucharest-has-been-signed\/","title":{"rendered":"The sale contract for the Radisson Blu hotel complex in Bucharest has been signed"},"content":{"rendered":"
Tel Aviv, Israel, November 29, 2017, Elbit Imaging Ltd. announced today, following previous announcements on November 23, 2017, November 8, 2017, and August 18, 2017, that its wholly-owned indirect subsidiary has signed a definitive purchase and sale agreement for the sale of its entire stake (comprising approximately 98.2% of the subscribed share capital) in the company that owns the Radisson Hotel Complex in Bucharest, with the transaction value being EUR 169.2 million. The agreement was signed with a company jointly owned by two international investment funds.<\/div>\n
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The completion of the transaction, which is expected to take place in December 2017, is subject to the fulfillment of one condition, namely the Buyer obtaining financing from external sources.<\/div>\n
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The net proceeds to be received amount to approximately EUR 81 million. A portion of the net proceeds equal to EUR 8 million will be used to finance a seller’s loan granted for a period of 3 years, with an interest rate of 5% per annum. The seller’s loan will act as collateral post-signing of the purchase and sale agreement, protecting against potential losses that may arise from the non-fulfillment of certain provisions in the contract within the company carrying the sold assets.<\/div>\n
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In addition, the Company has granted a letter of guarantee in favor of the Buyer, under which it has committed to fulfill the seller’s commitments and obligations under the purchase and sale agreement (if and to the extent the seller fails to fulfill those provided). At this stage, there can be no certainty regarding the timely fulfillment of the conditions or that the transaction will be successfully completed.<\/div>\n
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The Company is exclusively advised by the JLL Hotels & Hospitality Group in London and JLL in Bucharest.<\/div>\n
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This is the largest hotel transaction in the history of Romanian tourism.<\/div>\n
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For Radisson Blu and Park Inn in Bucharest, Elbit attempted to obtain EUR 185 million. Elbit signed a non-binding agreement for the sale of the complex in August. The Israeli holding did not reveal the buyer’s name at that time, announcing only the transaction value, namely EUR 177.5 million, the largest in the Romanian hotel sector. However, the amount for which they finally signed is slightly lower, namely EUR 169 million.<\/div>\n
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Recently, sources close to the transaction stated that the future owner of the two hotels in the complex, Radisson Blu and Park Inn, will be the investment fund Revetas Capital, specialized in the acquisition of real estate assets with financial difficulties, which it subsequently sells. Revetas owns the Vitantis mall in Romania.<\/div>\n
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Source: Elbit Imaging<\/a><\/p>\n

Frequently Asked Questions<\/h3>\n

What is the value of the Radisson Blu Bucharest sale?<\/strong><\/p>\n

The transaction for the Radisson Blu and Park Inn hotel complex was signed for a total value of EUR 169.2 million.<\/p>\n

Who is the buyer of the hotel complex?<\/strong><\/p>\n

The complex is being acquired by a company jointly owned by two international investment funds, with reports identifying Revetas Capital as the primary investor.<\/p>\n

Is this a record-breaking deal for Romania?<\/strong><\/p>\n

Yes, this transaction represents the largest hotel deal in the history of the Romanian tourism and hospitality sector.<\/p>\n","protected":false},"excerpt":{"rendered":"

Tel Aviv, Israel, November 29, 2017, Elbit Imaging Ltd. announced today, following previous announcements on November 23, 2017, November 8, 2017, and August 18, 2017, that its wholly-owned indirect subsidiary has signed a definitive purchase and sale agreement for the sale of its entire stake (comprising approximately 98.2% of the subscribed share capital) in the…<\/p>\n","protected":false},"author":0,"featured_media":66984,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2859],"tags":[],"thb-sponsors":[],"class_list":["post-121464","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-stirea-editiei-en"],"article_style_override":"","post-style":"","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\/121464","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=121464"}],"version-history":[{"count":0,"href":"https:\/\/rhn.ro\/en\/wp-json\/wp\/v2\/posts\/121464\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/rhn.ro\/en\/wp-json\/wp\/v2\/media\/66984"}],"wp:attachment":[{"href":"https:\/\/rhn.ro\/en\/wp-json\/wp\/v2\/media?parent=121464"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/rhn.ro\/en\/wp-json\/wp\/v2\/categories?post=121464"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/rhn.ro\/en\/wp-json\/wp\/v2\/tags?post=121464"},{"taxonomy":"thb-sponsors","embeddable":true,"href":"https:\/\/rhn.ro\/en\/wp-json\/wp\/v2\/thb-sponsors?post=121464"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}