Paskany hasn’t got money to start building Cluj Sheraton

Businessman Arpad Paszkany, owner of CFR Cluj football team, has yet to secure financing for an over 120 million-euro real estate project in Cluj, which was supposed to include the first Sheraton hotel in Romania, and is postponing the start of construction works for the second time, almost a year and a half after the project was announced.

"We are still taking steps towards obtaining bank funding. The delay has been primarily caused by the economic and financial situation and by the banks' change of strategy on financing projects," said Carmen Cojocari, hotels marketing manager within Sigma Towers, Paskany's company.

The Sigma Towers project includes, alongside the development of the five-star Sheraton hotel, an investment estimated at 50 million euros, the construction of luxury apartments and office spaces co-branded Sheraton Residences.

"Works could start in 2010, but not in spring," specified Carmen Cojocari. Last year, representatives for Sigma Towers announced they were expecting works to start this spring, but the deadline was put off for a second time.

The partnership between Starwood Hotels&Resorts Worldwide, owner of the Sheraton brand, and Sigma Towers, controlled by Paszkany, was signed in September 2008.