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Europa Group company resumed the development of Royale 4 star hotel located in Unirii area in the capital, after obtaining the financial support from Piraeus Bank Romania. The investment is estimated at EUR 11 mil. The unit will open in August this year.
The company put on hold the hotel construction in February 2009, due to lack of funds. Later, the project was put on sale for EUR 4 mil. Initially, the opening was scheduled for the last year. The hotel will operate 90 rooms, 2 restaurants, a pub and 3 conference halls, forecasting EUR 2.8 mil turnover in the first year after operating.
Karolis Paliulis, Deputy Director for Real Estate Investment and Development of Europa Group, has not specified the precise value of the financial support, but mentioned that the investment in this unit reached EUR 7-7.5 mil. until now. Royale brand of Europa Group is also present in cities like Riga and Vilnius.
Paliulis stated that the company is currently negotiating for two additional 3 star hotels, but has not provided any more details, considering that no contract has been signed.
Sursa: Ziarul Financiar [23.02.2010]
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Fivestar Hospitality Consulting 
