9.5m euro investment in Aro Palace Brasov

Aro-Palace Hotel in Brasov will be upgraded and ranked as four stars plus in 2005, following completion of 9.5 million euro works, the biggest investment in the hotel sector in Brasov in 20 years, Traian Caudus, director with SIF Transilvania said. “The works started last summer and we’ve spent about 4 million euros so far. Investments will be in excess of 5 millions this year, with the upgrade planned in several stages so that some rooms could be kept in service for tourists,” Caudus, head of the Strategy Department within SIF Transilvania, the majority shareholder of the company managing the hotel, told Mediafax. The project will be completed by yearend or by early 2005. The currently three-star hotel will have a new all-purpose hall with 450 seats and a health centre equipped with a pool. The funding of the works comes from Aro-Palace Company, the hotel’s owner, and from a bank loan. ZF