Subject of an ongoing privatisation, Petrom proceeds with its investment plans for its core business (oil) and primarily for its collateral businesses, such as motels, unhindered.
The National Oil Company (SNP) Petrom has surprisingly become one of the top investors in the hotel industry in Romania. The company is running more than 11 million euro investments in its motel network, set to expand by 11 more such units this year. This is quite a lot of money, considering the Romanian hotel market.
“We estimate to have 11 motels completed in 2004. The total investments amount to 450bn ROL (11 million euros if calculated at the current exchange rate i.e.), ” Gabriel Nastase, Petrom’s spokesman told Ziarul Financiar.
The company completed only one motel last year, which is located on the Bucharest-Pitesti highway, 36 km away from the Capital, following a 45bn ROL (more than 1 million euro) investment, Nastase added.
The new motel to be dedicated this spring totals 18 rooms and has a fast-food restaurant, a regular restaurant, a café, a conference room, sports courts, parking spaces, a store, a gas station and a park.
Petrom’s portfolio includes 21 motels at the moment, three of which are located in Arad, two in Bihor, Brasov, Maramures and Valcea each and one in Bistrita, Buzau, Covasna, Harghita, Hunedoara, Ialomita, Prahova, Sibiu, Timis and Vaslui.
These motels total 10-20 rooms or suites on the average and are ranked as two or three stars. Tariffs are significantly lower than those of the similar hotels in the urban centres.
georgiana.stavarache@zf.ro