Niro Investment Group, one of the largest Romanian business groups with expertise in real estate investments, development and asset management, announced its official plans for extending its operations on the local hospitality and tourism industry. A significant investment in hospitality projects, estimated around 60 million euros for the next 4 years, was announced on 10th May, 2018, during the official launching ceremony of the partnership for Grand Hotel du Boulevard, a hotel that will reopen in 2019 under the luxury hospitality brand Corinthia.
The event took place in the imposing refurbished ballroom of the historic building in the presence of Romanian public and private sector enterprise, Corinthia Hotels and Beaufort Global officials, representatives of the Swiss Alpine Hospitality Education Group and Hospitality Asset Managers Association, as well as honoured local and international guests.
“This is an exciting period in Niro Investment Group’s ongoing growth, and we are honoured to be in partnership with important luxury brands like Corinthia and support the growth of the local hospitality and tourism market,” said Mr. Nicolae Dumitru Chairman of Niro Investment Group. “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”
In March 2018, Corinthia Hotels and Niro Investment Group announced the signing of a long-term partnership for opening a new luxury property in Bucharest: Grand Hotel du Boulevard, a symbolic historic building that will open its doors again on 1st December 2019. Built in 1867, the listed building was last used as a hotel over a decade ago and will now undergo refurbishment to sit in line with the signature standards of timeless luxury and style associated with Corinthia. The transaction was advised by Beaufort Global, a leading Investment, Development & Asset Management firm based in Dubai, UAE.
The hotel refurbishment project is coordinated by the design, engineering and management company QP Management, a sister company of Corinthia that brings a team of leading global design, engineering and project management professionals who were behind important restoration projects throughout the world. PORR, an established, innovative European construction company, has been engaged as the General Contractor for the renovation works at the property.
In addition to this partnership, Niro Investment Group executed a cooperation agreement to support The Romanian Maltese Relief Service (SAMR), a non-profit organization that for the past 25 years has been developing programs for the benefit of those in need – the elderly, the sick, persons with disabilities and other vulnerable groups. The Romanian Maltese Relief Service is the bearer of the Sovereign Order of Malta mission.
Niro Hotel Development – a new conference, leisure, and business travel hotel
Niro Investment Group continues to extend their Real Estate Hospitality investments with the development of a new hotel property in Bucharest, located on the Expozitiei Blvd. The new project is estimated to open by 2021 and will totalize almost 30,000 sqm total built area, targeting the premium business and leisure market.