Bank of Cyprus sells Romanian Marriott for $126 million

Bank of Cyprus (BoC) signed an agreement to sell its assets related to Societatea Companiilor Hoteliere Grand (GHES), a company incorporated in Romania and owner of the JW Marriott Bucharest Grand Hotel to Austrias STRABAG SE.

The hotel will be sold for $126 million, subject to adjustments to be made upon completion of the agreement, expected by the end of September and no later than the end of October 2014.

The sale is part of BoC's strategy of focusing on core businesses and markets and disposing operations that are considered as non-core.

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BoC is also gradually reducing its presence in Romania with a view of eventually exiting Romanian market.