Aro Palace (BVB: ARO), a company with a market capitalization of some EUR 30 million and two hotels in Brasov, controlled by investment fund Transilvania Investments (85%), seeks shareholders' permit for borrowing up to EUR 35 million to modernize its properties, Economica.net reported. 

Aro Palace Hotel would be refurbished and listed under the Hyatt brand, while the Capitol hotel would also be modernized under the Mercure brand.

Aro Palace announced last month that it signed a letter of intent to enter into a franchise agreement with Hyatt Hotel Corporation, following which the Aro Palace Brasov hotel will join the international hotel family of the renowned Hyatt brand. The hotel will be operated under the name "Hyatt Regency, Aro Palace Brasov."

Established in 1939, Aro Palace has 189 rooms and suites, 67 executive rooms and suites, a luxury spa, bars, and rooms for business events. 

The company's portfolio also includes the Capitol hotel, which has 180 rooms and is equipped with conference facilities and two restaurants. It is undergoing a radical restructuring process and will open its doors at the end of 2025 under the Mercure Brasov Center brand.

iulian@romania-insider.com

(Photo source: the company)