$4 million investments in Paltinis

Paltinis Hotel in Sinaia will undergo a $4m modernisation programme as of 2004, in order to be included in the Howard Johnson Hotels & Inns international chain. “The modernisation will begin as soon as the project designed by the French ABIS Architectures & Designers, specialised in castle restoration, is finished. The building in Sinaia is very old and the refurbishment has to preserve the original architectural style,” Florin tiganila, general manager of the hotel said. Ranked as two-stars, the hotel can accommodate 180 tourists. It registered 6,600 tourists last year, 540 of which were foreigners, with most of the guests interested in the spa treatments. The general manager said the hotel posted $522,000 turnover and $11,000 profit in 2002. The turnover estimated for 2003 is worth $577,000. Paltinis Hotel is held by Neoturism Sinaia, part of the Baneasa Investment SA Holding dealing in production, services and tourism. Besides the hotel in Sinaia, the holding also owns the Dorobanti, Parc and Turist Hotels in Bucharest. The holding is part of the Alltrom Group, controlled by businessman Nicolae Badea, Dinamo football club chairman, and by his partners, Radu Dimofte and Gabriel Popoviciu. ZF