Romania Tourism Ministry To Keep Stakes In Hotels In Times Of Crisis- Official

Udrea highlighted that, when the ministry decides to sell its stakes in hotel companies, the sale process would be transparent, arguing the sale will not be unfolded on secondary markets.

Sources close to the matter said in October 2008 that the ministry initiated the sale procedure on the capital market of its stakes in several hotel companies, among which, Athenee Palace, Lido, Robinson Predeal, via law firm Bostina si Asociatii.

The ministry owns majority stakes in four hotel companies, namely, a 90% stake in Predeal, 82.27% in Litoral Constanta, 96.57% in Mamaia and 52.22% in Neptun-Olimp, as well as minority stakes in Athenee Palace- 33.98%, Lido- 42.87% and Robinson -21.59%.