The Novarion Group, one of the most active developers on the real estate market in Sibiu, is consolidating its presence with an investment strategy on two major levels. The company is preparing the construction of a €10 million hotel in the historic part of the city, a project that has already attracted the interest of major international hotel chains, and, in parallel, is continuing the expansion of its largest residential project, The Lake Home, adding new land for hundreds of future apartments.
The company led by Sibiu-based entrepreneur Raul Țărnaru operates in two main business segments: its own real estate developments, concentrated in Sibiu, and public works contracted through tenders, with a focus on rehabilitation projects financed by the National National Plan for Renovation and Rehabilitation of the Region of Sibiu (PNRR). The latest project announced is aimed at the hotel sector, with a 10 million euro investment in a 10 million euro accommodation unit located in a premium area in the historic center of Sibiu. The project, called The River Hotel, will cover an area of 3,000 square meters and already has the Zonal Urban Plan approved. The project’s relevance on the local market is underlined by the interest shown by international giants such as Hilton, Marriott and Accor, which have already sent letters of intent to operate the hotel. According to the company’s founder, two options are being considered for the operational management: expanding an existing partnership with HUBIX or selecting a new partner specialized in the hospitality industry.
In parallel, Novarion is continuing the large-scale development of The Lake Home residential project, positioned in the mid-premium segment, with sales prices ranging from 1,600 to 2,300 euro per square meter. So far, 200 apartments have been sold from this complex, 100 are already completed and another 168 are under construction. The project, which covers 5 hectares, is designed for long-term development, with work estimated to take another four years. The expansion vision is supported by the recent acquisition of a 7-hectare site in another part of the city and the securitization of a further 3 hectares near the current development, where another 300 apartments are planned.