Atlas Estates completes Bucharest hotel acquisition for 12 mln eur
Publish date: 30-03-2007Atlas Estates Ltd said it has completed the acquisition of the Golden Tulip hotel in Bucharest, Romania, for an agreed price of 12 mln eur.
Atlas said it paid 7.5 mln eur in cash and also took on 4.5 mln eur of existing bank debt for the hotel.
It expects a net operating income of 1.2 mln eur per year.
The acquisition takes the total amount of IPO funds invested by the company to 71 pct
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