Last summer, Galați businessmen Dan and Cătălin Alexandrescu sold their spice and baking ingredients business, Alex&Comp, to Fuchs and Dr. Oetker for EUR 8 million.
They purchased Hotel Bicaz in the Mamaia resort from BCR for nearly EUR 5 million, where they intend to invest EUR 500,000 in renovation and redecoration.
The transaction was concluded in December 2015, stated Iulian Tenie, executive director of Noy Business Transaction, owned by brothers Dan and Cătălin Alexandrescu, who turned to tourism because it is a safe investment that does not lose value over time.
Hotel Bicaz is classified at 2 stars, consists of two buildings, and has over 300 accommodation places in 158 double rooms and 8 apartments.
Renovation work has already begun, and upon completion, the unit will be classified at 3 stars.
Iulian Tenie stated that by summer, EUR 500,000 will be invested in redecorating and modernizing the hotel, from the reception to the terrace, restaurant and bar, and a swimming pool will also be built.
Source: Profit
Frequently Asked Questions
Who purchased Hotel Bicaz in Mamaia?
The hotel was acquired by businessmen Dan and Cătălin Alexandrescu, the former owners of Alex&Comp.
What was the transaction value for Hotel Bicaz?
The transaction with BCR amounted to nearly EUR 5 million and was finalized in December 2015.
What are the renovation plans for the hotel?
The new owners are investing EUR 500,000 to upgrade the hotel to a 3-star rating and build a swimming pool.