Austrian Soravia builds 55 million euros worth of hotel in Belgrade

Austrian hotel group Soravia plans to have a hotel and business building built at 15 Vojvode Misica Boulevard in Belgrade, in the vicinity of Gazela bridge.

As it is announced on the website of the Austrian company, Old Mill hotel should have 220 rooms and 30 suites. The author of the project of a complex spanning 25,000 square meters is Multicon Engineering, while opening of the hotel is expected in 2012.

Construction of the hotel should commence in June 2011. The project is worth 55 million euros, Viennese daily paper Prese announced.

According to Prese, Head of the concern Han Soravia said that the hotel would be built in association with the European Bank for Reconstruction and Development and Erste Bank. Construction should last for 14 to 16 months and primarily Austrian companies will be hired to do the job.

The hotel should be run by Hilton or Radison hotel group.

A year ago, Soravia had problems with financing existing projects in eastern Europe, while the sale of almost developed properties was nearly impossible.

As Prese estimates, after a financial injection worth tens of millions of euros from investment funds and business banks, it seems that the group started recovering.