Danubius puts four hotels up for sale for Ft 1.4 bln
Danubius Hotels Nyrt has put up for sale four of its loss-making hotels for a combined price of Ft 1.4 billion.
Proceeds from the sale will be used to pay for renovations at the company's other hotels, deputy CEO János Tóbiás said on Wednesday.
The four hotels belonged to Danubius's Beta Hotels unit, before it was merged with another unit, Danubius Hotel Operator Zrt, in October 2005. Danubius Beta operated Danubius Hotel's smaller, two- and three-star hotels in Budapest, the Great Plain region and around the Balaton.
Danubius Hotels had consolidated losses of Ft 2.361 billion in the first quarter of 2006, the latest period for which figures are available. Losses were Ft 610 million worse than in the same period a year earlier. Despite the losses, the company projects pre-tax profit of Ft 2.65 billion for the whole year. Revenue is expected to rise 3.1% to Ft 44.1 billion.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.