2.5m euros for Continental Suceava

Continental SA is planning to invest approximately 2.5 million euros this year in order to renovate and modernise its Continental Hotel in Suceava, as well as the Putna chalet, company chairman Radu Enache said. The works on the Continental Hotel in Suceava will target the refurbishment of the faA§ade and of the public areas and modernisation of the rooms to bring the hotel up to the three-star standards. The Continental Suceava complex last year posted 3% turnover growth compared with 2001, with the profitability rate reaching 18%. Continental announced $32 million investments in expanding its chain throughout 2003 and 2004. It will start building a hotel in Constanta and an Ibis Hotel in Bucharest and will modernise the Bulevard Hotel in Sibiu this year. The Continental chain comprises 11 hotels in Bucharest, Arad, Cluj, Oradea, Sibiu, Suceava, Targu Mures, Turnu Severin and Portile de Fier, all directly managed by the company. Continental SA is the majority shareholder of Continental Nord, owner of the Ibis Hotel in Bucharest, which is managed by the French group Accor. ZF