Orco in talks over hotel acquisition

Czech real estate developer Orco Property Group has announced it will enter the Romanian market in 2006. Orco is now in talks over the acquisition of an extended-stay hotel in Bucharest for approximately 10 million euros, according to Ales Vobruba, the company”s vice-chairman, quoted by the Hungarian portal Portfolio. Orco representatives did not provide further details, such as the location they are considering. The extended-stay hotel concept is based on hotel rooms arranged like regular flats, complete with kitchens, and which are intended to make clients feel as though they have rented their own place. The only location fully operating under this system in Bucharest is Centre Ville ApartHotel, held by Bucuresti Turism, according to the latest information available. To renovate Centre Ville ApartHotel and the Le Bistro Restaurant in the same complex, Bucuresti Turism invested 1.7 million euros. Another company, the Spain-based Hercesa Imobiliare, announced a 6 million-euro investment in the refurbishment of the old Cismigiu Hotel, part of which will be turned into an extended-stay hotel. ZF