Cismigiu hotel renovations to start after 3-year stand-by

Cismigiu hotel, located on the Regina Elisabeta Boulevard, which was acquired by real estate developer Hercesa in 2004, will become operational in 2010, following investments worth five million euros. “The works will start midway through next year, and the extended stay hotel will be completed within around two years. Works have not yet begun, as we have not yet decided on the technical solutions. What we will do is tear down the internal structure and keep the outside structure of the hotel,” said Alejandro Solano, general manager of Hercesa Imobiliare. He specified he was expecting a 10% return on investment. The hotel will have a capacity of 76 rooms and a restaurant, and will potentially include City Grill among its brands, a chain controlled by businessman Dragos Petrescu. “We have held talks with City Grill representatives,” said Solano. After being nationalised in the ’50s and given back to the inheritors of the original owners half a century later, the building was acquired in 2004 by the Spain-based Hercesa, after being in a derelict state for many years. Hercesa representatives would not reveal the value of the transaction.