News Article AccorHotels Bucharest development financing hotel Libra Internet Bank Niro Romania
by Property Forum | Hotel

Libra Internet Bank and developer Niro Group have signed a financing agreement worth €24 million for the development of a Swissôtel hotel on Expozitiei Boulevard in northern Bucharest.

The construction of the building commenced in fall 2018 and completion is scheduled for 2022, following a total investment of €52 million.

"This type of project fits our niche specialization strategy," said Emil Bituleanu, General Manager of Libra Internet Bank.

"It is an ambitious project, conceived as a quality landmark on the hotel market in Bucharest, which is still far behind other European capitals and is in great need of such investments. The support given by Libra Internet Bank is a confirmation of the growth potential we have seen in the luxury hotel segment,” Zsolt Nagy, CEO of Niro Investment Group added.