SIF Banat-Crisana pays 1.5m euro for EuroHotel

SIF Banat-Crisana has expanded its touristic sector portfolio by buying EuroHotel in Timisoara under a 1.5 million-euro deal. The hotel, built five years ago, has 48 rooms and is ranked as three stars. The financial investment company (SIF) intends to create a hotel chain to be floated on the Stock Exchange. The hotel chain would primarily target business tourists. “We want to integrate the new hotel into the chain we plan to create. The hotel is currently operational, is in no need of further investment and is profitable,” Daniel Manate, SIF Banat-Crisana strategy manager stated. The company that runs the hotel, wherein SIF bought over 99%, made 13.8bn ROL turnover and 260 million ROL net profit in 2002, according to Finance Ministry data. The company is the majority shareholder of five hotels in Cluj-Napoca, Timisoara, Zalau, Hunedoara and Baia Mare, the last of which is still under construction. ZF