Iasi-based businessman Danut Prisecariu, who developed and sold one of the first malls in the country for 34.5 million euros (Moldova Mall in Iasi) three years ago, has completed a nine million-euro investment in Rapsodia Hotel in Botosani, affiliated to the Best Western chain.
Best Western Rapsodia has 150 three and four-star rooms and is the fourth hotel held by Turism Moldova, controlled by Prisecariu, which also owns Traian, Astoria and Studis in Iasi.
Prisecariu bought the hotel in Botosani for 1.7 million euros in 2006 and invested in the renovation and construction of 68 new rooms, rated at four stars, spending an additional seven million euros.
"The clients of the hotel are mainly Romanian business travellers, though there are also foreign tourists, Israelis visiting the place where they were born, in the summer. We anticipate 2.2 million-euro turnover for Rapsodia in 2009, considering that the 68 four-star rooms became available to guests this June," Turism Moldova representatives said.
The company posted 3.7 million-euro revenues from the two hotels and the hostel in Iasi in 2008, with Grand Hotel Traian rated at four stars, while Astoria and Studis hostel are rated as three stars.
The investment in Rapsodia was partly self-funded and partly financed with a loan from OTP Bank.
The hotel business has been complementing the shopping centre development business more and more often lately; not so long ago, the former owners of the River Plaza mall in Ramnicu Valcea announced a 15 million-euro investment in a hotel in Mamaia. In addition, Gabriel Popoviciu, owner of the Baneasa Shopping City mall is involved in the hotel industry, while the Adamescu family, owners of the Unirea shopping centres in Bucharest and Brasov, also own the Rex Hotel in Mamaia.
Prisecariu is one of the most powerful businessmen in Iasi, having mana
