Romanian company invests EUR 12 mln in Black Sea decaying hotels

Local company Atlas Apliance Solutions will invest EUR 12 million in revamping two hotels and 28 villas located in Venus, on the Romanian Black Sea coast.

The firm bought the assets in December 2014, from the company THR Marea Neagra, owned by local investment fund SIF Transilvania.

THR Marea Neagra manages 24 hotels with over 8,000 accommodation places at the Romanian seaside. In the last years, it has put up for sale several accommodation units, most of them in an advanced state of decay. These includes the hotels Cocor and Pajura and 28 villas, which Atlas Apliance Solutions bought. “We will invest EUR 12 million in the 1,200 accommodation places, which will form an all-inclusive complex with swimming pools, restaurants and conference halls. The Pajura Hotel will become Mera Blue Hotel, with 160 rooms, and the villas will become the Luxury Villas, with 160 apartments and rooms,” said the director of Mera Resort, which manages the project, cited by local Profit.ro. The Cocor Hotel has already been revamped and turned into a four-star hotel called Mera Sky. It has 206 rooms. The whole project will be completed by May next year. editor@romania-insider.com (photo source: Mera All Inclusive Resort Venus on facebook)