Businessman Fathi Taher To Invest EUR40M In Five-Star Hotel Central Romania

Businessman Fathi Taher will invest EUR40 million in a five-star hotel to be built on the land of Trei Brazi tourism company in Predeal mountain resort, central Romania.

Taher said construction works on the five-star hotel, which will provide 140-146 rooms, as well as conference and leisure centers, would start in March-April 2009 and are due in 14 months tops, adding the construction project also includes a building with 80 apartments.

Taher added he would request Trei Brazi be delisted from the Bucharest Stock Exchange in Sept this year, as he eliminated regional investment fund SIF Transilvania from the company's shareholding structure after he had gradually bought the fund's 28% stake.

According to the latest data, Quatron International Ltd., owned by Taher, owns 66.14% in Trei Brazi, Taher directly owns 19.89%, while the remaining 13.97% stake is distributed among other shareholders.

Taher also owns shares in several Romanian companies, among which, Laminate, Griro, JW Marriott hotel and FC Rapid.

Mediafax