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Romania's NIRO to invest 60 mln euro in hospitality projects

Romania's NIRO to invest 60 mln euro in hospitality projects Grand Hotel du Boulevard in Bucharest

BUCHAREST (Romania), May 16 (SeeNews) -  Romania's NIRO Investment Group said on Wednesday it aims to strengthen its position on Romanian hospitality market by investing 60 million euro ($71 million) over the next four years in various projects.

NIRO took the first steps towards expanding in the tourism industry area in March, when it signed a partnership agreement with Maltese hospitality group Corinthia Hotels for the revamp and reopening of former Grand Hotel du Boulevard in Bucharest, it said in a press release.

Located in the central part of Romania's capital, the former Grand Hotel du Boulevard will open its doors again on December 1, 2019.

"The reopening of Grand Hotel du Boulevard represents a major enterprise for our company within the real-estate hospitality sector, as we plan to develop, over time, a world-class portfolio of hotels and restaurants in Romania. I am confident that with the proper expertise and the ongoing dedication of our professional team and support of our partners, we can continue to build on the company’s successes to further grow our business presence into new fields of activity," NIRO Investment Group chairman Nicolae Dumitru said.

NIRO has also signed a separate partenership agreement with Swiss Alpine Hospitality Education Group (SAHEG) to launch an international hospitality school in Romania.

NIRO Investment Group is a fully privately owned Romanian group of companies with over 20 years of expertise in investments, development and asset management.

($=0.8471 euro)