The project took about six years to complete after the investor bought a building in poor condition in the Old Town, across the street from another landmark of the city, Hanul lui Manuc (Manuc’s Inn).
After giving the building a thorough makeover, the owners of the hotel expect it to generate EUR1.2 million in revenue in its first year in business.
“We expect about 85% of the revenue to come from accommodation and the rest from conferences. We rely on the location of the hotel to attract both corporate customers and tourists,” said Andreea Rada, marketing manager of Europa Royale Hotel.
The historic building is five-stories tall and has 92 rooms, a restaurant and two conference rooms, which can accommodate 70 people each.
The completion of the project suffered several delays due to financial problems; the investor even attempted to sell the hotel in various stages of development, but eventually got funding from Piraeus Bank and finalized it.
Competition around the new hotel includes Horoscop Hotel, Royal Hotel and four-star NH Hotel (currently up for sale).
Europa Group has also developed City Center Residence complex, an over EUR18 million investment in more than 100 luxury apartments near Carol Park (southern central part of Bucharest) and Brilliant Condominium, another housing project in a central location in the capital city.
(English version by Loredana Fratila-Cristescu)