Impact company enters the Romanian hotel market

Impact Developer & Contractor company registered a 75% decrease of net profit, to EUR 300,000 for in the first quarter of this year. Turnover declined 8%, down to EUR 3.8 mil. Therefore, for the first time this year the company considered diversifying the real estate development portfolio as part of the market strategy.

According to the company’s strategy for 2009 and 2010, the company will diversify its portfolio, over 30% of the objectives will be directed to various market segments, other than residential segment. Thus, the company has already performed three feasibility studies to enter the hotel market.

Impact envisages to start with the developing of three hotels with an average number of 200 rooms in Voluntari, Pipera and Cluj-Napoca. Market value of these projects is estimated at EUR 8 mil. each.

Impact is currently negotiating with two financial partners and hotel operators.

Dan Ioan Popp, the company’s President, specified that there are envisaged properties of 2, 3 and 4 star on the hotel segment.

In addition to hotel segment, the company also plans to develop small size office spaces.
 
At present, Impact Developer&Contractor is negotiating with an active investor on the local real estate market for selling Quartz residential project, part of the Greenfield I project, located in the northern area of the capital.

The project goes through a re-configuration process of apartments. It is based on a built area of 7,200 sq m in seven blocks. The market value of the project to be completed at the end of the year, reaches approximately EUR 7 mil.

Sursa: Business Standard [18.05.2009]