BUCHAREST (Romania), September 17 (SeeNews) – U.S. hotel operator Wyndham has postponed for at least two years its entry on Romania's luxury hotel market after announcing earlier plans to launch the project in the capital Bucharest in 2010, Romanian news agency Mediafax reported on Thursday.
"We found no property that matches our criteria. Moreover, the risk is too high for such an investment […] I think nothing else will happen in the next two years besides the already announced projects," Mediafax (www.mediafax.ro) reported, quoting Tinu Sebesanu, the executive manager of consultancy firm Trend Hospitality.
Trend Hospitality is Wyndham's strategic partner in Romania. Wyndham is the franchiser of the Howard Johnson, Days Inn, Wyndham, and Ramada brands in the country.
The company has also delayed its plans to open for business this year Ramada hotels in the northwestern city of Cluj-Napoca and in the western town of Oradea and to start the construction of two other properties, in Pitesti, southern Romania, and in the western city of Timisoara, Mediafax reported.
The total investment in the four properties was estimated at around 60 million euro ($88.4 million).
There are currently seven operational Ramada hotels in Romania.