RI Investment Grup, a company controlled by Irish investors, is developing a project estimated at 100 million euros in the Splaiul Independentei area in Bucharest. "Our project is a mix of hotel, residential and retail space. The hotel will be a five-star complex, with 24 levels and 960 rooms, and will be affiliated to an international chain," Eduardo Doandes, a partner in RI Investment Group told ZIARUL FINANCIAR.
The hotel the Irish will build should be among the largest in Europe and it is estimated that it will have the same capacity as JW Marriott, InterContinental and Crowne Plaza put together.
Doandes added that, for the five-star hotel, talks may be held with the Irish-based Quinn Group, which has a number of hotels across Europe.
Another major hotel project has been announced by Pro Confort, controlled by the Negoita brothers, which intend to invest some 30 million euros in the construction of an 11-storey, 1,000 room hotel ranked as three, four and five stars, situated close to the car fair in the Vitan area of Bucharest.
RI Investment Grup's project, scheduled for completion in two to three years, is located on a plot estimated at 20,000 square metres, recently bought from businessman Dragos Dobrescu for nearly 14 million euros.
RI Investment Grup's project, located in the Splaiul Independentei area, also includes a residential complex consisting of 815 apartments for the middle class, in addition to a large penthouse and more than 12,350 square metres of retail space, the RI Investment representative says.
"Our company has invested more than 85 million euros since our entry onto the market two and a half years ago, most of which for the acquisition of the class A Neocity Tower, the building on Daniel Danielopolu (Xerox Romania's headquarters) and the Raiffeisen and Eurom Bank offices in Piata Victoriei, while the rest went to retail space," says Doandes.
The main target of the Irish, however, is to developed the plots of land the group has purchased in the Capital, wherein they have invested 75 million euros thus far. "We are now in talks to buy two more large plots of land in Bucharest, with the cumulated value of transactions amounting to 90 million euros. The largest of the two amounts to about 59 million euros and involves the acquisition of 8.2 hectares," an RI Investment Grup official adds.
According to the official, the strategy of the group of Irish investors entails buying land in the Capital and in the big cities of Romania, on which they are to develop office buildings, commercial and residential projects. RI Investment Grup is also interested in buying hotels on the Bucharest market, having contemplated the acquisition of JW Marriott at some point.
The group is also planning a real estate development on Basarabia Boulevard, consisting of about 800 apartments and worth 65 million euros.
"I believe RI Investment Grup's investments in Romania currently account for about 80% of Irish investment in the country. I think the Southern area of the Capital has the biggest development potential on the real estate market, as this is where the city will expand, considering that the North side is already overcrowded," Eduardo Doandes adds.
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