Consola Grup's owner builds four-star hotel

Consola Grup, the company building the first two office buildings in Bucharest’s Sema Parc project, will develop a four-star hotel chain and a series of residential projects in which it will invest around 46 million euros. “We will start our own real estate investments, because we have our own design engineering department. We will take out credit worth 46 million euros this year, which we are negotiating with the BRD bank. The projects fall into two categories: projects we will sell (residential and industrial projects) and projects we will keep (a four-star hotel chain),” said Nicolae Bostina, general manager of Consola Grup. According to him, an international hotel operator will be chosen in 2008. The hotels will have 30-50 rooms, and the company is in negotiations to purchase plots in several cities throughout the country in tourist areas. “We have set up a separate company, Consola Investments, which will handle the development of real estate projects, We want to invest in 50-100-apartment projects, which will be small and medium-sized residential projects,” explained the company representative.