Grand Plaza Hotel, the company that owns the Sheraton hotel in central Bucharest, wants to add about 100 rooms to the 270 existing ones by building another section, Economica.net reported.

The investment will reach about EUR 5 million, or between EUR 30,000-50,000 per room.

The company sketched the project in 2018 and recently asked for the Bucharest municipality's approval to start work.

The construction works will begin next year, after receiving all the necessary permits unless the COVID-19 pandemic changes the company's plans.

The Sheraton hotel is located at the intersection of Calea Dorobantilor and Bulevardul Dacia in the center of Bucharest.

Grand Plaza Hotel will develop the new wing on two land plots it owns, 5,623 sqm on Calea Dorobanților and 889 sqm on Magheru Boulevard.

Romanian investor Radu Dimofte indirectly controls Grand Plaza Hotel through Cypriot offshores Tatika Investments and Tresela Investments.

Radu Dimofte is one of the biggest property owners in Bucharest and also owns the Ramada Parc and Ramada Plaza hotels.

(Photo: Shutterstock)

andrei@romania-insider.com