1.5m-euro Turkish hotel in Bucharest

A Turkish construction company has invested 1.5 million euros in a three-star hotel in Bucharest. The new hotel, called Tempo, is located in the Biserica Armeneasca (Armenian Church) area and has 33 rooms. “This is our first investment in Romania. We decided to invest in a hotel because we noticed there was a shortage of three-star rooms on the Bucharest market. This is a profitable investment for us because average room rates in Bucharest are much higher than in Istanbul,” said Levent Yapan, the representative of the investor company, Izmir Turzim Ins. Yapan says that the average room rate for a three-star hotel in a central location in Istanbul is 40 euros, while in Romania it can reach 70 euros. “We’re planning for an average occupancy rate of 70% in the first year of business and 35,000 euros in average monthly revenues,” Yapan added. ZF