Carabulea invests 40m euros in 2 Bucharest hotels

The Sibiu-based Atlassib group, controlled by businessman Ilie Carabulea, is in talks to acquire two plots of land in Bucharest, on which the group intends to start construction works on two four-star hotels this spring, and affiliate them to the Ramada chain. “We are in the final stages of negotiation to acquire a plot of land in the centre of the Capital and another one in the Northern part of the city, where we will start the construction of two Ramada hotels,” Ilie Carabulea, chairman of the Atlassib group, told ZF. The Sibiu-based businessman holds the Ramada franchise and is preparing to open a Ramada hotel in Sibiu, in April this year. According to preliminary estimates, the Sibiu hotel is expected to generate almost 4 million euros in turnover during the course of its first year, a return that justifies the group’s investments in similar projects. The two Bucharest hotels will be ranked as four stars, each with between 120-150 rooms, according to the Sibiu-based businessman. Similarly to the investment in Sibiu, the amount budgeted for each of the two hotels in Bucharest amounts to 20 million euros. The investment will be partly self-funded and partly paid for with loans from banks. Aside from the two locations in Bucharest, Atlassib intends to open one Ramada hotel in Timisoara and one in Cluj-Napoca, also franchised.