Real estate developer Impact Developer & Contractor is contemplating investments in the hotel business both in Bucharest and in other cities, and has hired advisory firm Kohl & Partner to conduct the feasibility study and provide advice.
"We are now working on a feasibility study to see how good the investment in such a project is. Depending on the results of the study we may open hotels both in Bucharest and in other cities where we will start large-scale projects," said Oana Trifu, investor relations manager.
The value of the assets held by Impact amounts to 399.7 million euros, according to an evaluation conducted by real estate consultancy firm DTZ Echinox on August 15. Impact currently has several residential projects in development, which include Topaz, Quartz and Onix. According to Kohl&Partner representatives, Impact is considering two hotel projects in Bucharest, which will be ranked three or four stars and will be affiliated to an international chain.
"The hotels will have more than 150 rooms, and the average investment per hotel will stand at 20 million euros," said Christopher M. Shonn, managing partner of Kohl & Partner. Kohl&Partner, which has recently opened an office in Romania, is already providing hotel and travel advice to about ten projects various investors in Romania are currently conducting in this country. Kohl &Partner's clients include Impact and Ciucas Hotel held by the Grampet group, as well as a foreign investor that wants to open a number of hotels in various cities across Romania.
"Romania is a country with a high development potential and we believe there is still room on the market. I believe four of five more five-star hotels and up to ten three or four-star hotels could open in Bucharest. On the other hand, every city that has an airport and a significant number of inhabitants needs a four or five-sta
