The four-star Iaki hotel in Mamaia, owned by the former football player Gheorghe Hagi, will have a bigger capacity as of next year, in the wake of investments worth four million euros, which will also be spent on the refurbishment of a wing in a bid to up

At present, the Iaki hotel is a four-star unit, with a capacity of 99 rooms, to which a further 27 rooms will be added starting next year.

"The new rooms will be available from May 2009 and the hotel?s capacity will increase by 27%. At the same time, considering the rising demand on the segment of event organization, the restaurant? s capacity will be expanded, with a 400-seat lounge to be added", said Elena Luiza Piine, marketing & sales manager at Iaki. She also specified investments to boost the hotel?s capacity would continue until 2010, when 153 rooms become available.

For this year, the hotel has budgeted an over 20% increase in revenues, to 3.4 million euros. Iaki hotel will generate the largest part of its revenues in July and August, with the two months expected to secure around 38% of overall turnover, according to previous information provided by company officials.

"In July we registered an average occupancy rate of 80% and believe we?ll attain a similar level in August",said Piine.

In line with information displayed on the company?s website, a double room at Iaki during the peak season costs 215 euros, a tariff that includes breakfast, lunch, access to the sauna, Jacuzzi and pool. Iaki hotel was acquired in 1999 by Gheorghe Hagi and has now become one of the most valuable hotels at the seaside.

While the nearby Rex hotel, which has a capacity of around 100 rooms, was the target of a 10m-euro deal two years ago, Iaki, which will have a bigger capacity next year when it becomes five-a star unit, is likely to have a value that ranges between 10 and 15 milli