ANA Group unlikely to use EUR 25 million loan to renovate hotels



, controlled by Romanian businessman George Copos have recently annouced the company was granted a EUR 25 million by BRD Groupe Societe Generale. George Copos says the loan will be used to renovate some of the properties of ANA HOTELS, a subsidiary of the ANA GROUP, namely the Crowne Plaza Bucharest, Hilton Bucharest and Sportul.
Considering the dramatic sales of many company divisions within the group, we doubt the loan would be exclusively used to renovate the 3 hotels, although renovation works, at least at Hilton Bucharest are vital for the hotel to maintain its 5 star rating. This summer the Ministry of Tourism downgraded Hilton Bucharest temporarily to 4 stars following an equiry which revealed book keeping on different companies as well as lack of guaranteed parking places.
Other hotels within the Ana Group such as Europa and Astoria have registered drops of up to 40% in sales. The non affilliated hotels of the group have, in general, gained a negative reputation for the quality of services.