Businessman Arpad Paszkany, owner of CFR Cluj football team, hasyet to secure financing for an over 120 million-euro real estateproject in Cluj, which was supposed to include the first Sheratonhotel in Romania, and is postponing the start of construction worksfor the second time, almost a year and a half after the project wasannounced.
"We are still taking steps towards obtaining bank funding. Thedelay has been primarily caused by the economic and financialsituation and by the banks' change of strategy on financingprojects," said Carmen Cojocari, hotels marketing manager withinSigma Towers, Paskany's company.
The Sigma Towers project includes, alongside the development ofthe five-star Sheraton hotel, an investment estimated at 50 millioneuros, the construction of luxury apartments and office spacesco-branded Sheraton Residences.
"Works could start in 2010, but not in spring," specified CarmenCojocari. Last year, representatives for Sigma Towers announcedthey were expecting works to start this spring, but the deadlinewas put off for a second time.
The partnership between Starwood Hotels&Resorts Worldwide,owner of the Sheraton brand, and Sigma Towers, controlled byPaszkany, was signed in September 2008.
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