Romania's Niro Investment Group is set to drop €60 million into the local hotel sector within the next four years.
Niro Investment plans to reopen downtown Bucharest's Grand Hotel du Boulevard using the money. The property will begin operating under the Corinthia Hotels brand on December 1, 2019. Design, engineering and management company QP Management is spearheading the hotel renovation project. Austrian construction company Porr is the general contractor.
A new hotel in Northern Bucharest's Expozitiei district will follow the Grand Hotel du Boulevard's opening. The property is slated to open in 2021. Niro Investment has also partnered with The Swiss Alpine Hospitality Education Group to develop Romania's own Centre of Excellence in Hotel Management and Culinary Arts.
Meanwhile, the hotel developments will mark Niro Investment’s initial step into the hotel market. The group’s current portfolio in Romania includes the Central Residential Park, Crângaşi complex, the Voievodal Wine Cellar Restaurant, the Red Dragon market, the Grand Hotel du Boulevard, the Niro Office Building, Restaurant Vecchio and the Balkan Zone Publishing House. The new investments mark Niro Investment's initial step into the hotel market.
The move comes on the same day the Romanian government launched 2018’s state aid initiative, which focuses on investments of more than €10 million. Eugen Teodorovici, the minister of finance in Romania, told the Business Review that the government will begin accepting project submissions in July 2018. Greenfield investments along with expansions of existing developments are eligible for the program. The minister added that the government also plans to write up an economic code to explain Romania’s regulations to investors.
“We want a strategic partnership with large companies willing to invest in Romania,” Viorica Dancila, Romania’s PM, told the Business Review. “We want to attract investments of over €1 billion. This will create thousands of jobs.”