Investments in the two hotels in Eforie Nord bought by the Ana Group will be recovered in 14 or 15 years, George Copos, the group's owner and founder estimates. "A tourism investment normally takes 8 or 10 years to turn a profit. Still, it can take even more than ten years, when one has to invest in assets bought at an auction, in order to bring them up to international standards," Copos explained. Ana Hotels at the end of 2001 bought the Europa hotel complex in Eforie Nord from the Banking Assets Resolution Authority (AVAB). The complex had been inoperable since 1997, according to Copos, and "was more than 90% damaged." The group will invest more than 15 million euros in this complex, with part of the funding derived from a loan taken from Banca Romana pentru Dezvoltare (Romanian Development Bank - BRD)- Societe Generale (SocGen). Also last year, Ana bought the Astoria Hotel in the same resort for 25bn ROL at a tender organised by the Tourism Ministry. "Astoria required immediate sanitation works when we bought it, as well as preliminary modernisation works worth more than $750,000. It is now undergoing modernisation and expansion," Copos added. ZF
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