Aro Palace completed the sale procedure of Coroana-Postavaru Hotel, according to the company’s majority shareholder, the investment fund Transilvania Investments.
The sales contract was signed with the winning company of the public tender and he final price paid by Elevate Properties SRL is EUR 9.3 million.
“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.
