Transilvania Development (TD), manager of City Plaza hotel (4 stars) and Central Plaza (3 stars) in Cluj-Napoca, saw turnover increase 80% in the first three months of the year to 340,000 euros. The company's management says the results registered in the first quarter are 17% higher than estimated. According to the management of City Hotels, in the first three months of the year, the average occupancy rate stood at 62%, up from 50% during the same time last year. Transilvania Development estimates overall turnover worth over 2.58 million euros for this year, up 15% against last year, with the main factors behind this increase being the economic development of the area, and on the other hand, an increase in living standards, according to company representatives. The development plans of Transilvania Development are aimed at expanding the accommodation capacity of City Plaza, with works scheduled for completion in the second part of this year. The company acquired around 1,000 square metres of land in 2006 close to the hotel, with the acquisition price being of around 500 euros per square metre.
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