InterContinental Bucharest, for sale?

In a recent statement to the Bucharest Stock Exchange, the CEO of RHIC, owner company of INTERCONTINENTAL Hotel Bucharest, reports that the company does not have the financial resources to perform the EUR 35 million renovation which is vital to the hotels present and future performance. The executive blames current economic conditions which make it impossible for the hotel to implement a coherent strategy. Recently, business man Dan Adamescu purchased 15% of RHIC and market sources indicate him as the possible saviour of the Bucharest five star hotel. Mr Adamescu also owns five star Grand Hotel Rex at the Black Sea side.