GFR owner invests 50m euros in hotels

Businessman Gruia Stoica, who controls rolling stock company Grup Feroviar Roman through Grampet, plans to invest over 50 million euros in the hospitality industry. The main investments will be directed towards the Ciucas hotel in the resort of Poiana Brasov , which will be upgraded from three to five stars, as well as towards another two hotels, which will be developed in partnership with an international hotel chain in the Baneasa area of the Capital. In order to modernise the Ciucas hotel, the company took out credit worth 10 million euros from OTP Bank at the beginning of November. “The Ciucas hotel has seen investments worth 7 million euros so far, with the total level expected to reach 20 million euros. The hotel will be opened in the autumn of next year, and will function as a multi-purpose tourist complex with 250 rooms. The hotel will also include several restaurants, six conference halls with a 500-seat capacity, as well as an entertainment area, which will include a cinema hall, a pool, a spa and a bowling alley,” said Stoica, who estimates the investment will be recouped within six-eight years. Another sizeable project has been announced by Radisson SAS in Poiana Brasov. The businessman predicts the other two hotels set to be developed in Bucharest, in the Baneasa area, will entail investments worth approximately 30 million euros, with the land purchased two years ago.