Businessman Radu Enache, who controls the Continental hotel chain, which posted 27 million euro revenues last year will open the first five-star hotel of the chain, the Grand Hotel Continental located on Calea Victoriei in Bucharest in August.

Until the inauguration of this hotel, the businessman will have opened a three-star Ibis in Sibiu this month. The completion of the two will cost Enache 15 million euros, an investment partly self-funded and partly paid for with money from BRD and Raiffeisen Leasing.

"We haven't drawn the line yet and we don't know exactly how much money has been invested, but I think the amount stands at 15 million euros," Enache stated.

There will be a total of approximately 140 people staffing the two hotels. "We will have 50 to 65 people at the hotel in Sibiu and 60 to 70 people at Grand Hotel Continental," he explained.

Enache added that he was currently looking for people for the key positions in the hotels.

"We have a number of options we are considering for the management of the five-star hotel," he said. A decision on the management of the three-star Ibis Sibiu, which will operate 196 rooms and conference halls with 2000 seats, has already been made. "It is about Andreea Gheorghiu, one of the managers of Ibis Parlament in Bucharest," Enache said.

The former four-star Continental on Calea Victoriei was turned into Grand Hotel Continental following refurbishment works.

"Work on the transformation of the hotel started on January 14, 208, because we had waited for permits for two years since 2006. We changed all the installations, the ventilation system, everything was redone," he said.

The five-star hotel will operate 60 rooms, two restaurants and two bars, conference halls and a 250 square metre spa.

"It's sort of a boutique hotel and I believe the effort to fill 60 rooms will be much low