Continental to invest 50m euros in two-star hotels

The Continental chain, which holds 13 hotels on the local market, intends to invest 50 million euros within the next three years in order to build seven two-star hotels, which will be operate under the Ibis brand name, owned by the French group Accor. “The development of the Ibis hotel chain was discussed intensely and in detail with Accor representatives, and it was decided the hotels should be developed in cities with over 250,000 inhabitants, a formula which we considered to be favourable for both parties,” stated Radu Enache, president of Continental. The cities where the new hotels will be operated are, in the order in which they will be built are: Timisoara, Targu-Mures, Sibiu, Bucharest, Brasov, Cluj and Iasi. All investments will be Greenfield Investments, with the exception of the Sibiu-based Continental hotel, which will be renovated and will operate under the Ibis brand. Around 1,000 rooms will be added to the 1,490 rooms already existing within Continental’s portfolio.