The owners of the Sheraton hotel, located in the Romana Square in downtown Bucharest, have decided to buy a 1,000 sqm plot next to the hotel to build another 60-100 rooms and a spa center, according to Daniel Ben-Yehuda, the hotel’s manager, reports local Ziarul Financiar.

The hotel, which currently has 270 rooms, was fully occupied in September and October, Ben-Yehuda added.

The hotel’s owners may have paid some EUR 1.3 million for the plot, considering an average price of EUR 1,300 per sqm, according to Ziarul Financiar estimates.

On the new plot, the company also plans to build a spa center and a large-size conference hall. The development plans will take some three years to complete, and the investment will be substantial, said Daniel Ben-Yehuda.

The Sheraton hotel is owned by local company Grand Plaza Hotel, which is currently controlled by Romanian businessman Radu Dimofte, according to the local media.

editor@romania-insider.com