Vincon’s owners to build a four-star hotel in Victoria Square

The company, whose turnover amounts to some €32 million, will focus on real estate, whose profit margin is higher.
"Profitability is much higher in real estate than in the wine business. We want to develop on the residential sector, after acquiring a piece of land worth several million euro in Bucharest, but also in Mogosoaia, Stefanesti and in Timis County," according to a statement to Business Standard by Vincon’s Administrator, Luchi Georgescu.
The hotel in Victoria Square will have 40-50 rooms, is expected to be completed at the end of next year, and will cost €3 million. The company will also build a residential complex in Mogosoia, to include villas and appartments, whose inauguration is planned for 2008. Two other blocks of appartments are being finalized in Bucharest, the first to be completed next year. The total value of Vincon’s residential investments exceeds €10 mln.