Accor borrows 7m euros from Citibank for Novotel

Accor Hotels Romania, the company that operates the Novotel hotel in Bucharest, contracted a loan worth around 7 million euros (24.8m RON) from Citibank Romania, according to data published in the Official Gazette. The loan will be used to finance the company’s current operational needs. Novotel is Accor’s first own investment on the Romanian hotel market and the only one an international hotel chain has operated on the domestic market. Investments in the hotel, included in the four-star category, revolved around 33 million euros. Novotel hotel is set to start operations in the second half of this year. Accor Hotels Romania, owned in full by Accor Hotels Belgium, has a share capital of 1.75 million RON (around 500,000 euros), in line with the latest data available. The company’s managers are Andr? Roger Cantiniaux, the manager for Southeast Europe of the Accor chain, and Ileana Preda, the former financial officer of Accor Services, one of the main meal ticket issuers in Romania. Novotel is located in Calea Victoriei and has 277 rooms, a 300-seat salon, eight conference halls, a fitness centre and stores.