BUCHAREST (Romania), May 30 (SeeNews) – Romanian real estate developer Nordis said on Monday it started construction works on a 26.4 million euro ($28.3 million) development in Brasov.
The deadline for its completion is set for the end of 2023, the company said in a press release.
Developed on a 13,000 sq m plot, the complex will consist of five low-height buildings, with a total of 158 hotel rooms and 43 residential apartments.
“According to [hospitality consultants] Horwath HTL, the hotel area of the Nordis Brasov complex will have an estimated market value of over 40 million euros, after the opening at the end of 2023,” said Daniel Penciuc, Partner at Nordis Group.
Nordis recorded sales of 53 million euros over the first eight months of the year, it said in September.
In July 2021, Nordis said it was investing 15 million euros in a new residential complex in Bucharest.
In April 2021, the real estate developer announced its plans for starting work on a hotel and residential complex in the seaside resort of Mamaia, with a total value of 200 million euros.
Established in 2008, the Nordis Group comprises seven companies active in the hotel industry, as well as the real estate development and management fields. The Group’s portfolio includes developments such as Nordis Mamaia, Nordis Brasov, or Nordis Sinaia.
(1 euro = 4.9429 lei)