Lebanese-Romanian investor earmarks EUR 40 mln to develop 4-star Black Sea complex

Mohammad Murad, a Romanian businessman of Lebanese origin, has bought the Craiova Hotel in Black Sea resort Olimp from local investors Ioan and Viorel Micula for EUR 1.6 million. He also announced plans to integrate it into a complex upon a total investment of EUR 40 million.

The complex will also include the Amfitreatru, Panoramic, and Belvedere hotels, which Murad bought two years ago from Josef Goschy for EUR 10 million, and the Majestic hotel, which has been in his portfolio since 2000.

According to Profit.ro, the complex will have 1,200 rooms being able to accommodate up to 3,000 tourists. Murad plans to transform it into a 4-star all-inclusive complex.

The Craiova Hotel is currently classified at two stars and has 163 rooms in two separate buildings just 75 meters away from the beach and close to the other hotels Murad owns. All these hotels will merge into a resort that is to be the largest in the southern part of the Romanian seaside, on a land of 85,000 square meters.

Mohammad Murad has nearly 4,000 seaside accommodation places in several hotels in Navodari, Mamaia, Jupiter, Olimp, and Neptun. He also owns hotels in Bucharest.

(Photo source: Pixabay.com)