EUR 10 mil. loan for Cismigiu hotel in Bucharest

Hercesa Spanish real estate development company, involved in several residential projects in Bucharest, contracted a loan of EUR 10 mil. from BCR and La Caixa banks to complete the rehabilitation of the former Cismigiu hotel, to open by the end of 2011.

Alejandro Solano, the General Manager of Hercesa company in Romania, stated that, at present, the construction works of the hotel’s basement are under going. The hotel will become an apart-hotel with 65 rooms.

The Spanish investors bought the hotel by the end 2004, but the rehabilitation works were not initiated until 2009, claiming difficulties in obtaining construction approvals. 

However, the Spanish developer plans to develop a 4 star hotel on 12 floors downtown capital near, Unirii Square.

Sursa: Ziarul Financiar [08.03.2010]