Spain's real estate developer Hercesa, involved in severalhousing projects in Bucharest, took out a 10m-euro loan from BCRand La Caixa to finish the rehabilitation of former Cismigiu Hotel,set to be ready in late 2011. "At present, we're working on thestructure of the hotel, which we'll turn into a 65-roomextended-stay hotel. We will build apartments to rent," statedAlejandro Solano, Hercesa general manager in Romania. He added hecould not specify how much had been invested in the building'srehabilitation so far, but that total investments would reach 10meuros, with the money contracted from BCR and La Caixa. FormerCismigiu Hotel, with a built area of around 7,000 square metres,was nationalised in the '50s and handed back, half a century later,to heirs who subsequently sold it to Hercesa, in the wake of a dealwhose value has not been disclosed. The Spanish developer boughtthe hotel in late 2004, but did not start rehabilitation worksuntil 2009, quoting hurdles in getting construction permits.
Pentru alte știri, analize, articole și informații din business în timp real urmărește Ziarul Financiar pe WhatsApp Channels
