Hong Kong – based investment fund takes over Romanian mountain resort project Silver Mountain

A Hong Kong – based investment fund, Uni-Asia, recently took over the Silver Mountain resort in Poiana Brasov, central Romania, which was developed by INR Management Real Estate, controlled by the heirs of businessman Dan Fischer. The value of the deal was not disclosed. The mini mountain resort, launched in 2008 and currently functional, includes apartments and villas, a club, restaurants and a spa center, and should have also included a 186- roomed hotel, which was supposed to be affiliated to the Radisson chain. The development of the hotel was however delayed because of the financial crisis. The investment fund is currently under negotiation with BCR, which financed the development of the real estate project, to find solutions to relaunch and include it in the tourism circuit. “Our intentions are as serious as possible, and the approach will be different than the previous one, which focused on developing a luxury resort for high end users. Under the current market circumstances, our specialists decided to re-launch the project under a new form, but before this, an essential role will have the main lender BCR, which could become our creditor in this venture,” said Bogdan Gheorghiu, managing director of Uni-Asia Group for Eastern Europe, quoted by Romanian media. The Silver Mountain resort was started in 2008 by INR Management Real Estate, a company founded by the late businessman Dan Fisher, who died last year. Uni-Asia ended 2012 with a net profit of USD 3.6 million, while its revenues were of USD 78 million. The profit was more than double on 2011, while the turnover was 35 percent higher. More about the fund and its 2012 financials here. editor@romania-insider.com (photo source: Silver Mountain's Facebook page)