Romania’s Transilvania Investments Alliance to auction off nine seaside hotels

The proposal will be discussed on November 29 and 30 at a general meeting of shareholders of hotels operator THR Marea Neagra [BSE:THR], in which Transilvania Investments holds 78.6%, the fund said in a statement filed with the Bucharest Stock Exchange, BVB.

Hotels Diana, Venus, Minerva, Jupiter, the Bran Brad Bega Complex in Eforie Nord and Capitol and Magura hotels in Eforie Sud together have a total of more than 1,000 rooms.

"As a majority shareholder, we have proposed to our partners from THR Marea Neagra the implementation of clear procedures and deadlines, so that all those interested have quick access to the information needed to asses the purchase decisions," Transilvania Investments executive president Radu Rosca said.

Formerly known as SIF Transilvania, Transilvania Investments owns, through the tourism companies in its portfolio, over 8,000 hotel rooms throughout the country, the hospitality sector covering 25% of the fund's portfolio.

Founded in 2005, Turism, Hoteluri, Restaurante Marea Neagra is a company operating recreational facilities on Romania’s seaboard. The company currently manages 23 accommodation units and 20 board units, with a total of 7,836 beds, providing packages of accommodation, meals, as well as entertainment.

Transilvania Investments shares traded 1.41% higher at 0.2880 lei at 1240 on the BVB, on Friday.

Turism, Hoteluri, Restaurante Marea Neagra shares last traded on November 3 at 0.1980 lei on the BVB.

(1 euro = 4.8876 Romanian lei)