Kohl&Partner: Some hotel projects are frozen

The Romanian hotel market is affected by the financial crisis not only in terms of a reduction in the occupancy degree of hotels, but also in terms of investment projects being frozen. “We have fewer projects in Romania because developers are having a tougher time securing funding from banks. However, we are focusing on infrastructure and tourism development projects,” said Martin Schaffer, managing partner of hotel consulting company Kohl&Partner. Kohl&Partner, which opened an office in Romania in late last year, targets one million-euro turnover on the Romanian market in 2009, although some projects have been cancelled as a result of the financial crisis.
“We are currently acting as consultants for a three-star hotel with 150 rooms in Bucharest, which is being developed by an international consortium, and for a four-star hotel developed by a local company. They will be affiliated to an international chain. We are also providing consulting services for a series of projects in Timisoara, Arad and Sibiu, but their development has been put on standby because of the crisis,” added Scheffer, who, however, did not specify the names of the developers of these projects.