Compania Crescendo, owned by entrepreneurs Carmen and Călin Lemnaru, has awarded a €9.47 million contract, excluding VAT, for the construction of a four-star hotel with over 70 rooms and a spa center in downtown Târgu Jiu. The project benefits from partial European funding through the Just Transition Programme and has a completion deadline of September 2027.
The works will be carried out by a consortium led by Profiserv Construct, alongside Erixconstruct and Inmelcon Prod, with an execution timeframe of 12 months, following a procurement procedure in which Imobiliare Solutions Group also competed. The tender documentation indicated divergent initial estimates for the contract value, at €10.47 million and €11.47 million, excluding VAT, respectively. The hotel unit will be built on a plot of nearly 5,000 square meters owned by the beneficiary. Strictly based on the execution cost and the minimum threshold of 70 rooms, the indicative construction investment is at most approximately €135,000 per room. This contract award marks the second attempt to execute the investment, following the termination of a previous €10.23 million contract, excluding VAT, due to the withdrawal of consortium leader BRCPremium Cluj-Napoca. Through this investment, Crescendo, a company active in food service since 1991, which reported a turnover of €9.14 million and a net profit of around €1.03 million for 2023, is diversifying its operations into the premium hospitality sector.
Frequently Asked Questions
Who is developing the 4-star hotel in Târgu Jiu?
The hotel is developed by Crescendo, a company owned by entrepreneurs Carmen and Călin Lemnaru, diversifying from food services into the premium hospitality sector.
What is the investment value and funding source?
The construction contract is valued at €9.47 million without VAT and is co-financed by European funds through the Just Transition Programme.
When will the hotel project be completed?
The works have a construction execution period of 12 months, with the overall project completion deadline set for September 2027.