Aro-Palace SA has informed the investing public on 21.03.2024 about the Convocation of the Ordinary General Meeting on 25/26.04.2024, in the Convening Notice the agenda under item 5 was “Approval to take out bank loans at the level necessary to secure the financial resources to fulfill the proposed investment objectives, i.e. the renovation of the Capitol Hotel under the Mercure brand and the renovation of the Aro Palace Hotel under the Hyatt brand, up to an amount of EUR 35 million”.
The shareholders of Aro Palace Brasov rejected “the contracting of bank loans with a view to reconsidering the proposal and putting it to a vote at another general shareholders’ meeting to be convened by Aro-Palace S.A.” and approved “the rectification of the investment plan for the year 2024 with the maximum amount of 2.7 mil.
EUR 2.7 million for the Aro-Palace hotel renovation”, the company announcement.
Aro Palace shareholders rejected the proposal to contract 35 mil.
EUR 35 million for the renovation of the Capitol hotel, which will reopen under the Mercure brand, and the Aro Palace hotel under the Hyatt brand.
The maximum amount of 2.7 mil.
EUR 2.7 million for 2024 for the renovation of the Aro Palace hotel.
Aro Palace announced last month that it has signed a letter of intent to enter into a franchise agreement with Hyatt Hotel Corporation, as a result of which the Aro Palace Brasov hotel will join the international hotel family of the renowned Hyatt brand.
The hotel will be operated as Hyatt Regency, Aro Palace Brasov.
Established in 1939, Aro Palace has 189 rooms and suites, 67 executive rooms and suites, a luxury spa, bars and business event rooms.
Also part of the company’s portfolio is the 180-room Capitol Hotel, equipped with conference facilities and two restaurants, which is undergoing a radical restructuring process and will open its doors at the end of 2025 under the Mercure Brasov Centre brand.
The majority shareholder of the company is Transilvania Investments Alliance (85.7399%), while the remaining shares are held by Winner First (10.2493%), individuals (3.9182%) and legal entities (0.0926%).
Winner First is a company indirectly controlled by the President of Banca Transilvania, Horia Ciorcilă.
Aro Palace shareholders reject proposal for bank loans to renovate Capitol and Aro Palace hotels
