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Arpad Paszkany business man hasn't identified financing sources for the EUR 120 mil. real estate project in Cluj yet, which should have included the development of the first Sheraton hotel in Romania, valued at EUR 50 mil. The construction works have been postponed for the second time, after a year and a half from the launch of the project. Negotiations to obtain financial support from banks are underway. The delay is the result of the present economic-financial situation and of the changing strategy of banks regarding project finance, stated Carmen Cojocari, Hotels Marketing-Manager within Sigma Towers.
Cojocari stated that it is possible that construction works starts in 2010.
Sigma Towers project includes, besides the developing of the 5 star Sheraton hotel, also developing upscale apartments and office space Sheraton Residences co-branded. The partnership Starwood Hotels&Resorts Worldwide, owner of Sheraton brand and Sigma Towers company, controlled by Paszkany was signed in September 2008.
Sursa: Ziarul Financiar [09.02.2010]
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Fivestar Hospitality Consulting 
