Phoenicia invests 8m euros in new hotel

The hospitality company Perla Majestic Group, controlled by the Spring Time Holding and operator of the four-star hotel Phoenicia, located in the north of Capital, will invest 8 million euros in building a new hotel near Otopeni airport in Bucharest. “The designs have been made, negotiations have been completed and we have all the necessary permits. The deadline for the construction is March 1, 2008 , but we intend to complete it by the end of the year,” Mohamad Mourad, president of Perla Majestic Group, told ZF. According to the group’s president, the four-star hotel will provide accommodation for around 400 people, with 200 rooms, and is most likely to be named the Phoenicia Hotel (photo). “Given its positioning and its size, we will be addressing a business clientele and busy commuters who arrive at the Henri Coanda airport,” stated Mourad. Perla Majestic Group will collaborate with construction firm Triumf Construct, also a part of Spring Time Holding, on completing the project. The company’s portfolio also includes four seaside hotels (Majestic Mamaia, Majestic Jupiter, Perla and Majestic Olimp), with three and four-star ratings, as well as three hotels with holiday apartments also located on the coast. Investments in the group’s most recent hotel, the four-star Phoenicia Grand Hotel, were completed in October 2005. The hotel has a total of 348 rooms and posted 1.5 million-euro profit in its first year of functioning, with turnover standing at 8 million euros. The four-star hotel market in Bucharest also includes Golden Tulip, Novotel, Ramada Majestic, Lido and Sofitel.