This year the 4 star hotel Royale was planned to open in Unirii area in Bucharest, near Hanul lui Manuc. In 2008, the investment was estimated at EUR 10 mil. The project included 80 rooms, a restaurant, conference halls and a casino.
Due to lack of financing, the project was put on sale for at least EUR 4 mil., the value of the investment already made, stated Saulius Galdikas, CEO of Europa Group.
The Lithuanians from Europa Group completed demolition works but kept the old structure of the building and haven’t actually initiated the construction works of the project.
Royale brand of Europa Group is also present in cities such as Riga or Vilnius.
Europa Group also considered developing a hotel in Timisoara city, purchasing Cazarma U in 2007, for EUR 11 mil. Galdikas stated that the project was sold, as the company lacks the necessary financial resources.
Cerealcom Timis company, controlled by Maria Simcelescu, acquired Cazarma U for the price of approximately EUR 8 mil. Simcelescu revealed his plans to develop a 5 star hotel on that location and foresees an investment of at least EUR 13 mil. Simcelescu also owns the 4 star hotel Excelsior located in Timisoara.
Sursa: Ziarul Financiar [27.02.2009]
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Fivestar Hospitality Consulting 
