Ioan Niculae, the owner of the Interagro group, with approximately one billion euros in the chemical industry and agriculture, says he will build a five-star hotel in Azuga, following an approximately 20 million euro investment. "The hotel is now in a project stage. In mid July we will start the tender for construction works, with the total area of the hotel set to reach 18,000 square metres," Ioan Niculae told ZF. He decided to invest at a time when hotel take-up is less than 50% and many owners have already put their hotels up for sale.
On the other hand, Radu Enache, who controls the Continental hotel chain and will develop two hotels in the capital city, had previously said that this was a good time to invest in this sector because of the lower price of land and cheaper construction supplies.
The hotel, branded as Inter, will have 150 rooms, each with a surface area of 30 square metres. "It is hard to say how much we will invest but 20 million euros is probably closest to the truth. We will begin construction works this year," Niculae says.
The businessman owns another two four-star hotels, one in Venus in Constanta, Carmen, whose name will be changed to Inter and one in Zimnicea, Teleorman county.
Niculae is not the only businessman betting on the hotel sector. Over the last few years, Gheorghe Calburean, who controls oil drilling company Dafora Medias, Adrian Porumboiu, who is involved in the agriculture business and brothers Viorel and Ioan Micula, who own European Drinks group are but few of the names that invested in local hotels.
Pentru alte știri, analize, articole și informații din business în timp real urmărește Ziarul Financiar pe WhatsApp Channels
