Businessman Mohammad Murad, one of the largest hotel owners in the country, plans investments of 30 million EUR in tourism for this year and 2019.
The businessman has taken the Lido Hotel on Gheorghe Magheru Boulevard on a 15-year lease from the Angelescu family. The hotel is undergoing a modernization process.
„In June, we will complete the renovation of the Lido Hotel, which will have 120 rooms with a 1930s cultural theme. The investment will amount to 5 million EUR in this first stage. It will be a 4-star hotel. The second stage of development involves the construction of a swimming pool, and the third, the development of a complex of 100 apartments next to the hotel. All three stages involve a total investment of 15 million EUR,” stated Mohammad Murad.
In the capital, the entrepreneur also owns the Phoenicia Grand Hotel, Phoenicia Express, and Phoenicia Comfort units, which recorded total business of 10 million EUR last year. The seaside hotels recorded revenues of 20 million EUR in 2017.
The businessman stated that on the coast, he is investing 4-5 million EUR in the construction of a 5-star boutique hotel with 40 rooms and a casino in Navodari.
Another ongoing investment targets the modernization of the Belvedere, Amfiteatru, and Panoramic hotel complex in Neptun Olimp.
„We are fully renovating the Belvedere, Amfiteatru, and Panoramic complex in Neptun Olimp for 15 million EUR, bringing it to 4 stars. It will be a very beautiful complex; we plan to open it on June 1, 2019. We estimate 100,000 tourists in the first year of operation; it will offer all-inclusive services, and the price of a package will be 690 EUR,” Murad specified.
In 2016, the entrepreneur contracted 15 million EUR from local banks Banca Transilvania, CEC, Libra Bank, and Piraeus for the investments he has planned.
Source: Ziarul Financiar
Frequently Asked Questions
What is the total investment planned by Mohammad Murad?
Mohammad Murad plans to invest 30 million EUR in the Romanian tourism sector over the next two years.
Which major hotels are being renovated in Bucharest and Neptun Olimp?
The Lido Hotel in Bucharest is being modernized, and the Belvedere, Amfiteatru, and Panoramic complex in Neptun Olimp is undergoing a full renovation.
How are these investment projects being financed?
The investments are supported by 15 million EUR in loans contracted from local banks, including Banca Transilvania, CEC, Libra Bank, and Piraeus.