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Two-star hotels, next investors' target

Investors seem to re-orientate lately toward a new niche on the market, which would allow them to more efficiently exploit the tourism for leisure - two-star hotels in main cities, Adevarul daily reads on Friday.

Continental Hotels, known on the market for the Continentul Forum brand, is to enter the 'low budget' segment through the Hello Hotels chain. It will be a ten units chain mainly concentrated in the province, but a first hotel under this brand is to be opened in Bucharest, at this summer-start. Each hotel will have some 100 rooms, and the investment in a single room is of 28,000-33,000 euros. The target is represented by Romanian tourists. The company plans to invest almost 140 million euros in the consolidation of the two, three and four-star hotels. 'In the upcoming three years we are to build a minimum of nine three and four-star hotels', announced Radu Enache, director general of Continental Hotels. Currently, Continental Hotels operates some 1,600 rooms and mid-2009 it plans to add another 1,100 rooms and by 2010-2011 the company's patrimony will be 3,600-4,000 rooms, at the completion of the investment programme, stressed Radu Enache. On the three-star segment, the company is to operate in cooperation with Accor chain. Other operators stake instead on luxury projects, which include, apart hotels and stores, club-bars, as well as entertainment zones. As such, Copper Beech is to develop in the five years to come three-four hotel complexes in the Danube Delta (south-east), but also in some other tourist zones in Romania. 'At present, we are in advanced negotiation for land acquisition. We cannot estimate yet the overall value of the needed investment', told the aforementioned daily Diwaker Singh, CEO of Copper Beech Co. At last year-end the company contracted a BCR loan in the value of 575 million euros, representing the biggest real estate credit accessed in Romania. Sursa: http://www.rompress.ro

Tags: hotels three bcr

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