Loading ...Consola Group construction holding will invest almost 50 million euros in developing a threestar hotel chain in Romania, Consola Groupp official Nicolae Bostina told the press on June 23.
"Talks for the acquisition of a plot of land in an alpine area for the first hotel have reached an advanced stage. We plan to build a three-star hotel chain, in which we will invest 40-50 million euros in the following seven years. The construction rate will be 1-2 units a year," said Bostina.
He mentioned that the average investment in building a 60-70-room hotel would be 4.5-5 million euros. Bostina also said his company also intends to build a ten-flat building in the Romana Square, downtown Bucharest, which would entail a 2-million-euro investment, and it is currently negotiating with a landowner of Bucharest over a land for a residential development, a project to which Consola will contribute some 4 million euros.
The hotel chain and the two residential developments would be the first own investment projects of Consola on the Romanian real estate market. The company has so far worked as a constructor, currently carrying out construction contracts with developers worth 100 million euros. Funding for real estate developments and hotels will be secured from own sources and bank loans.
Consola Group was established in 1992 and it has participated in the carrying out of several real estate developments, such as Bucharest Business Park, the main business establishment of BRD, Toyota Center, the XXL Mega Discount Colentina shopping centre, the Bucharest West logistics park, the City Center Residence, and it is now involved in the building of the Sema Parc development in Bucharest City under a 57-million-euro contract.
The company reported a business turnover of almost 19 million euros in the first five months of 2008, and it is eyeing a total turnover of 50 million euros, which would mean a 14-percent increase from 2007’s 44 million euros.
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