West City Hotel in Cluj was sold for EUR 12 mil.

Coratim group’s management activating in construction and real estate development announced selling West City hotel in Cluj, 4 star classified. The transaction’s value reached EUR 12 mil.

The buyer is Elena Grec in Targu-Mures, former member of the Board of Administration of Bere Mures, company sold last year to Heineken Dutch concern. The value of the transaction exceeds over EUR 150 mil.

West City Hotel in Cluj opened at the beginning of the year following an investment reaching approximately EUR 10 mil. The hotel lies on an area of 7,000 sq m, is a 5 storied building with 101 rooms, 3 conference halls with 500 seats capacity, a restaurant with a capacity of 120 seats and 300 parking lots.

This is the second significant transaction on the local market following the selling of the 4 star hotel Rimini Plaza by Gheorghe Fatol businessman in the first part of the year to one of the financial investment companies controlled by Arpad Paszkany.

Coratim group is controlled by Marius Bejan and Daniel Dumitras businessmen, which have already invested in four residential projects until now, out of which one in industrial halls in Baciu locality and another in logistic spaces in Floresti locality.

Marius Bejan, one of the shareholders of Coratim group stated a new company will be set up following the transaction, named West City Hotel which will be in charge with managing the 4 star hotel.

Coratim plans to open a new hotel in Cluj named Est City by the end of the year. The necessary investment is estimated at EUR 7 mil.

Sursa: Ziarul Financiar [27.05.2009]