SIF Transilvania is planning to place 20 million dollars in tourism by the end of the year, Mihai Fercala, the company's chairman, told Ziarul Financiar.
Tourism companies account for 20 percent of SIF Transilvania's portfolio, as the company owns the main stake in 16 tourism companies, being a minority shareholder in another 40 such firms.
The main beneficiaries of future investments will be Turism Felix of Baile Felix and seaside hotels, Fercala also said.
Beside modernising the tourism units it owns, SIF Transilvania is also likely to set up new companies in this field. "This fall, we are going to lay the base of our own supply company, our own construction company that is to take part in the rehabilitation of all of our tourism units," SIF chairman stated.
Moreover, SIF Transilvania intends to set up a tour-operator to secure tourism service packages for all the companies included in the portfolio.
"We want to create a chain in tourism, not necessarily a hotel chain, so that, for instance, the soap to be found in Eforie hotels should also be found in Baile Felix rooms," Fercala also said.
The first company investments are likely to be aimed at Eforie, which is to be floated soon on the Bucharest Stock Exchange. According to Fercala, Eforie SA, in which SIF Transilvania currently holds over 95%, will invest more than 15 million dollars in modernisation and expansion over the next four years.
Furthermore, Aro Palace SA, owner of Aro and Coroana hotels, where SIF Transilvania holds a stake of 65.33%, is planning to restore the new wing of Aro hotel over the next two years.
"We will invest about 6.8 million dollars in this activity alone, and starting 2004 we also want to restore the old wing. It is at that moment that we will be able to specify the exact sum we will need," Fercala specified.
In the wake of the above-mentioned investments, Aro hotel will be ranked in the four stars plus category, because the structure of the building does not allow for the construction of a five-star hotel, the SIF official explained.
The other hotel, Coroana, will also be subject to investments that will turn it into a "four or even five-star hotel," Fercala also said. |
