EnglishTimco Timişoara, controlled by the brothers Marius and Emil Cristescu, has approved an investment of 25.7 million Euros - around 5.8 million Euros - in the tourist resort called Arsenal Park of Orăştie. Arsenal Park spans 80 hectares and includes 150 rooms, rated at 4 stars.
The complex has a military theme and was inaugurated at the end of 2008, after an investment of 10 million Euros. The Cristescu brothers want to invest in expanding the facilities of the project and they plan to raise funding using the Regional Operational Program (POR). 12 million lei are expected to come from structural funds, while Timco will contribute 13.6 million lei, with the project having an eligible value of 20.1 million lei, whereas the remaining amount represents ineligible expenses.
The planned investments include the construction of swimming pools, bicycle lanes and horse riding grounds. The hotel complex will be built on a plot of land on which in 1938, Romanian king Charles the Second had developed an experimental area for the army, and which later housed an arms plant.
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