Transilvania Investments sells Coroana Hotel for 9.3 million euros

Aro Palace announces the completion of the sale procedure of Coroana-Postavaru Hotel, according to the company’s majority shareholder, the investment fund Transilvania Investments.

The sales contract was signed on 14 July with the winning company of the public tender. The final price paid by Elevate Properties SRL is 9.3 million euros .

“The completion of the sale process of Coroana Hotel allows us to focus our resources on the core assets of Aro Palace, with a focus, over the next two years, on the reopening under a new brand of the completely rebuilt Capitol Hotel. This strategic realignment will strengthen our position in the Brasov hotel market and will allow us to approach more agilely the opportunities it offers “, says Radu Roșca, Executive President of Transilvania Investments.

Aro Palace announced in June this year the completion of discussions for the Capitol Hotel to join the Mercure brand of the French group Accor. The company will invest more than 11 million euros in the rehabilitation of this hotel, a process that will be carried out in stages until the hotel reopens in 2025. Aro Palace has already started the process of selecting suppliers to provide design, project management and general contracting services for the project.

Also by the end of the year, Aro Palace will complete another important investment in the restaurant on the top floor of Aro Palace Hotel, the renovation works being estimated at over 700,000 euros.