Local hospitality company Aro Palace completed the sale of the Coroana-Postăvaru Hotel in Brașov, central Romania, majority shareholder Transilvania Investments announced. The sales contract was signed on July 14 with Elevate Properties for around EUR 9.36 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,” said Radu Roșca, Executive President of Transilvania Investments.

Aro Palace and Accor signed in June an agreement to open a new Mercure hotel in Brașov. The contract targets the consolidation and complete makeover of the city’s former Capitol Hotel, set to reopen in late 2025 as Mercure Brașov Center. 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, with the renovation works being estimated at over EUR 700,000.

Transilvania Investments is one of the largest investment funds in Romania, listed on the Bucharest Stock Exchange under the symbol TRANSI.

irina.marica@romania-insider.com

(Photo source: the company)