Feasibility Study for Proposed Hotels in Cap Aurora & Eforie Nord, Romania

S.C. GOOD DEAL S.R.L.
i m p r o v e yo u r b u s i n e s s
consulting, management & building design

Cismelei 11, bl.1c, sc.B, ap.82, Mun.Constanta
R .C.: J13/147/2007; C.U.I.: RO20658940
Feasibility Study for Proposed Hotels Development – Cap Aurora & Eforie Nord - Constanta, Romania
Feasibility Study
For
Proposed Hotels Development

Cap Aurora & Eforie Nord, Constanta, Romania
Prepared by:
B-dul MAMAIA nr.135-137, 900590

MILLENIUM BUSINESS CENTER, 3/33
Tel.,fax: +40241 644284
Constanta, Romania
March 2010
B-dul MAMAIA nr.135-137, Constanta, RO, 900590
Tel.,fax: +40241 644284
e-mail: gooddeal_2007@yahoo.com

R .C.: J13/147/2007; C.U.I.: RO20658940
TABLE OF CONTENTS
.
1. Executive Summary
2. Introduction
3. Market Overview and Analysis
4. Site description
5. Demand and Supply Analysis on the Hotel Market
6. Hotel Proposed and Recommended Facilities
7. Projection of Hotel Occupancy and Average Rate
8. Projections of Income and Expenses
9. Cash-Flow Forecast
10. Analyzing Return on Investment

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1. Executive summary
Property : hotels
Address: ;
Date of value : march 2010
Based upon information and data collected during the fieldwork phase of our study, and
subsequent research
and analyses, we are of the opinion that there is sufficient market demand to support the
subject project and
here you find our recommendation for the proposed facility:
Opening: Q1 2011
Category: mid-market hotel
Guest rooms: ______ rooms
Food and Beverages: one breakfast restaurant, one snack bar
Meeting: 1 meeting room
Recreation: gym
Business: business centre
Parking: 80-100 places
This recommendation is based on our analysis of market characteristics, the area hotel
supply and demand,
the amenities offered by the competitive hotels, and the targeted clientele for the subject
hotel.
Based on the above assumptions regarding the category, the description of the hotel and the
proposed amenities and facilities, we have developed the following projection of revenue and expenses for the first 10 years of operations as we consider that
in year 3-4, the hotel will reach his stabilized level of performance.

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2. Introduction
Subject and The subject of this study are 3 proposed hotels project in Constanta, Romania. The total land area is __________ sq m, located in Cap
purpose of the Aurora & Eforie Nord, Constanta, Romania.
study
The Romanian Black Sea coast, is well-known for its fine, soft sand and safe, gently sloping beaches, with a virtual absence of tides and
currents.
Its location in southeastern Europe is favorable to a dry climate.
The main resorts that we use are those that have seen considerable investment in their infrastructure in recent years.
They include Mamaia, Eforie-Nord, Neptun, Jupiter, Cap Arora, Venus and Mangalia. In addition to the beach resorts, the lakes at
Techirghiol and Agigea have a special curative value, and have resulted in the creation of several spa resorts and facilities.
Cap Aurora Resort has a special charm in the Romanian seaside resorts. Cap Aurora has a particular position which gives a unique
charm Romanian seaside. It is situated on a peninsula looking great headland which stands in dramatic contrast to the dominant note of
our coastal bays and peninsulas smooth without stretching. This small peninsula shows a fragmented cliff many tiny coves, bordered by
protective embankments built by the time you have done and hotels. Cap Aurora lies between Jupiter (1 km) and Venus (1 km) to about 5
km from Mangalia
The objective of the study is to evaluate the existing and the potential supply and demand factors, affecting the market for hotel facilities in
the area, for the purpose of determining type, category, dimension and structure of services to be offered by the future facility. Based on
the assumptions established in the first step, a forecast of the proposed hotel’s revenues and expenses will be performed, which
combined with a capital requirement estimation will provide necessary data for an analysis of the likely return on investment.
The analysis and projections were made assuming that the subject development will be affiliated with a recognized international hotel
chain and will be managed by a specialized company. The works are supposed to begin Q4 2009 and to be completed by Q1 2011.

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Method of Study
The methodologies used to develop this study have been based on the market research techniques and include:
■ Evaluation of the site from the viewpoint of its physical utility and suitability for the operation of a hotel, as well as from other location
factors point of view: access, egress, visibility, proximity to demand and supply generators;
■ Consideration of economic environment, in order to identify specific local and international hotel-related economic and demographic
trends that may have an impact on future demand for hotels;
■ Division of the market into individual segments of travelers expected to utilize the area’s hotels, based on specific factors like purpose
of visit, seasonality, length of stay, facilities and amenities required, distribution channels, price sensitivity, buying patterns, etc.;
■ Analysis of existing and proposed competition in terms of status of the property, public areas, number of rooms, in-room amenities,
additional services, food and beverage outlets, banqueting facilities and recreational areas;
■ Review of historical performance in terms of occupancy and average room rates, attained by the hotel market in general and by the
competitive set in particular, along with estimates of market penetration and the degree of competitiveness;
■ Preparation of recommendations for the appropriate concept, size and range of the facilities for the proposed hotel;
■ Projection of income and expenses for the period 2011 - 2020, divided by profit and cost centers, in accordance with Uniform System
of Accounts for Lodging Industry;
■ Estimation of capital requirements for investment and calculation of the likely return on investment.
Generalities
The macroeconomic climate in which a hotel operates is an important consideration in forecasting hotel demand and income potential. The
purpose of the market area analysis is to review available economic and demographic data in order to determine whether the defined market
area will undergo economic growth, stability or decline. The trends identified on the market are then correlated, based on their propensity, to
reflect variation in hotel demand, with the objective of forecasting the amount of growth, or decline in transient visitations by individual market
segment.

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3. Market overview and analisys
Regional Central and Eastern Europe (CEE) has registered an impressive increase in the Travel and Tourism sector starting with the 90s, leading to a healthy
Overview growth of tourism revenues. Travel and tourism encompass transport, accommodation, catering, recreation and other visitor-related services. Following
the fall of communism, countries in the CEE region re-opened their borders and thus re-entered the tourism circuit; they became destinations of interest
for foreign tourists, especially from neighboring countries. Furthermore, the region’s stability, economic growth, sizeable investments in the tourism
industry, accession to the European Union of most CEE countries, all contributed to the recovery of the sector over the past 18 years. According to a
study (Tourism Barometer) carried out by the UN World Tourism Organization (UNWTO), the number of tourists who visited Central and Eastern
Europe countries increased from 69.4 million in 2000 to 98.9 millions in 2008, higher than the Europe-wide and worldwide increase, an illustration of the
growing interest for the CEE region. A World Travel and Tourism Council (WTTC) study shows that the travel and tourism industry is expected
to post annualized increases of 4% between 2009 and 2018 in the world, while in the CEE the industry is expected to grow at a hearty 5.7% in
real terms in the same time frame. This is expected to happen in spite of the recent global economic crisis (which is viewed as a cyclical event) which
has affected the growth for this sector in 2008 that
recorded only a 1% increase worldwide, as well as the
forecasted level for 2009 of -3.5%.
However much the tourism sector has held up in 2008,

forecasts suggest that the situation will deteriorate
over the next 6-9 months. So far international tourism
has resisted the downturn better than other economic
sectors such as construction, real estate or car
manufacturing. Tourism cannot be regarded separately
from the turbulences affecting the global economy.
Europe, Japan and the USA, three major tourism
markets, are experiencing severe economic downturns
and major institutions are downgrading expectations.
The economic downturn, combined with the current
uncertainties, extreme market volatility and a decline in
both consumer and business confidence, are expected
to continue taking their toll on demand for tourism - at

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least in the short to medium term. The impact of the crisis will manifest in many ways. Some of them are:
• Many businesses are expected to retrench. Given the current stress on many companies’ balance sheets, business travel is also expected to
be more adversely impacted than the leisure segment;
• Unlike previous crises such as with 9/11 and SARS, the current downturn does not affect the desire to travel. The major concern is about
whether one can afford to travel, or whether one wants to spend money on travel given the uncertain economic situation. Travel to
destinations closer to home, including domestic travel, is expected to be preferred to long-haul travel. Segments such as visiting friends
and relatives (VFR), repeat visitors, as well as special interest and independent travelers are expected to be more resilient;
• The decline in average length of stay, as well as in expenditure, is projected to be more pronounced than the fall in arrivals;
• Destinations offering value for money and with favorable exchange rates have an advantage as price becomes a key issue.
The development of low-cost airlines is contributing to the positive evolution of CEE tourism by providing more affordable traveling and
more diversity of tourist destination choices (easier access to remote areas via smaller airports). Tourists now have the option of traveling to
CEE destinations for very reasonable airfares, thus leaving them with more money to spend once they get there. In turn, the CEE region
benefits two fold, by an increase in the number of tourists arriving to the area as well as by an increase in spending per tourist. The
most significant factor keeping Eastern European tourism from realizing its full potential is the inadequate state of tourism-related infrastructure
and accommodations that, in many cases, are below the level requested by western tourists. Being aware of this situation, most countries in the
region are fast-tracking ambitious investment plans for the short and medium term, in order to close the comfort and convenience gap to more
developed regions.
According to the World Tourism Organization, the tourism demand depends largely on the economic conditions in major generating markets.
When economies grow, levels of disposable income will also rise. A relatively large part of discretionary income will typically be spent on
tourism, in particular in the case of emerging economies. A tightening of the economic situation on the other hand, will often result in a decrease
or trading down of tourism spending.
In general, the growth of international tourism arrivals significantly outpaces growth of economic output as measured in Gross Domestic Product
(GDP). In years when world economic growth exceeds 4 per cent, the growth of tourism volume tends to be higher. When GDP growth falls
below 2 per cent, tourism growth tends to be even lower. In a GDP at 3.5 per cent, i.e. tourism grew on average 1.3 times faster than GDP. The
period 1975-2000 tourism increased at an average rate of 4.6 per cent a year.

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Source: World Tourism Organization; International Monetary Fund
Romania
Overview Romania is situated in southeastern Europe bordering Bulgaria, Hungary, Moldova, Ukraine, and Serbia on the coast of Black Sea. Covering a
total area of 237,500 km2,
Romania is the third largest country in Eastern Europe, with a total population of approximately 21.7 million, and a population
density of 91 people/km2.
On 1st of January 2007 Romania became a member of the EU. From the economy’s perspective, Romania entered this new chapter at full speed.
In 2008 the Romanian economy completed a ten year period of impressive economic growth. The official statistics show an increase of the GDP
by 7.1 % in 2008 to a total of 503.9 billion RON as opposed to the level of the previous year.
Romania has also a leading role in attracting foreign direct investment (FDI) in Southeast European region. Romania has ranked second among
the emergent Eastern European countries (after Russia), receiving 12% of the total of EUR 60 billion invested in the region. The positive trend
continued in 2007 when the volume of the foreign direct investments has reached EUR 7.2 billion out of which 7% went to the tourism industry.
The level for 2008 reached EUR 9 billion. The investments structure in the national economy for the year 2008 shows the following increases:
constructions – 16.9 %, industry – 33.7 %, agriculture – 4.5 %, trade and services – 34.4 %, other – 10.5 %.
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In the convergence program for 2008-2010 that Romania sent to the EU the forecasted level of FDI for the whole year 2009 totaled EUR 4.5
billion(50% lower than that of the previous year) while in 2009, the economy is to benefit from EUR 5.4 billion.

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The latest economic forecast from the European Commission (Spring 2009) states that significant adjustment to the economic growth is expected
for 2009 and 2010. GDP growth is projected to turn negative in 2009 to around -4% or more. The slackening rate of household disposable
income growth and tighter credit conditions will depress household consumption, while government spending is expected to contract following a
significant fiscal adjustment.
As the financial institutions become more and more selective and prudent, the poor quality projects will hardly get financed. That will
cool down the offer predicted to rise in the following years whilst improving the quality of the financed projects.
Tourism in Romania
Since 2000, Romania posted a strong growth in terms of tourism demand as a part of the sector’s growth trend in Central and Eastern Europe. In
2008, the total number of tourists accommodated in Romania
amounted to 7.12 million, out of which 79.4% were Romanian
and 20.6% were foreign. The amount represents a 2.2%
increase from the previous year’s figure while the overnights
have posted a modest 0.6% increase as compared to the year
2007. The last few months of 2008 as well as the first months of
2009 have posted a decrease in the number of arrivals and
overnights thus showing the effects of the global economic crisis
that has impacted tourism since mid 2008. The analysis of the
overnights registered in 2008 shows a distribution of 84%
Romanian and 16% foreign tourists. The overnights generated
by foreign tourists decreased by 6% y-o-y while those generated
by domestic tourists increased by 3% in 2008. Out of the total
international (foreign) overnights, 65% were generated by those
coming from countries in the EU, Hungary(38.2%),
Bulgaria(22.4%), Italia(7.8%) and Germany(7.9%) being the
most prevalent countries of residence for these tourists.

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In the third tourism and travel world ranking (for the year 2009) made by the World Economic Forum (WEF), Romania is situated on the 66th
place out of 133 countries, our country scoring highest at the availability of qualified labor and the existence of safety and security regulations.
The tourism industry’s turn-over will rise to USD 3.7 billion in 2009, according to World Travel and Tourism Council (WTTC). Romania ranks 34th in
the world (out of 184 countries studied) when it comes to the tourism industry annual growth rate. This year, according to WTTC estimates, the
tourism will generate 4.6% of Romania’s exports, with income cashed from foreign visitors amounting to USD 3.7 billion (2.1% of the GDP) subject to
triple in the next 10 years (5.8% of the GDP - USD 9.5 billion). The indirect contribution of the tourism industry on the economy will even be greater,
estimated to RON 29 billion (USD 9.94 billion) this year (5.7% of the GDP). In the next ten years, the indirect contribution of tourism is forecasted to
represent 6.6% of the GDP. Romania ranks 54th in the world at the sheer size of the tourism and travel industry and ranks 149 out of 181 countries
analyzed at the actual contribution of tourism to the national economy. Romania ranks 3rd when looking at the growth perspective for the tourism and
travel industry. The business travel will grow from RON 2.4 billion in 2009 to RON 5.1 billion by 2019.
Romania is still well behind some of our neighboring countries in terms of the revenue generated by tourism (Romania - USD 9.94 billion). The
WTTC report for 2009 shows that some countries in the region register significantly larger levels of tourism income (Greece - USD 49 billion,
Slovakia - USD 13.2 billion, Czech Republic - USD 22.9 billion) while others have fallen behind Romania with regards to the indirect contribution of
Travel and Tourism to the country’s GDP (Bulgaria - USD 4.9 billion and Hungary - USD 9.5 billion).
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The facilities distribution by level is still mainly driven by domestic tourism and, implicitly, by the average income of Romanian tourists, four- and
five-star hotels holding below 15% of the offer. The occupancy rate nationwide at end 2008 has been of 35%, a decrease of 1% from the level of
2007. For Bucharest the situation is different as five-star hotels represent 18%, four-star 50%, three-star 22% and two-star together with one-star
hotels around 11%, which reflects the fact that there is a different market compared to the rest of the country, mostly business and MICE, more
affluent. In 2007, 89% of foreign tourists chose to stay at hotels, and almost three quarters of them preferred a minimum three or four star
comfort level, thus increasing the number of tourists using this lodging category.
The free movement of the working force
The hiring and retention of employees is a critical issue in today’s Romania.

Along with Romania joining the UE, migration is due to increase, the main reasons being unemployment and small salaries compared to those in the
other Western European states. Finding and motivating qualified personnel for the hotel, the conference section as well as the restaurant/bar will
become more and more difficult. Taking these matters into consideration, the most important aspect becomes finding and retaining an
experienced management that is capable to coach inexperienced personnel. The salaries will have to be attractive for these kind of
employees. The economic crisis that our country is going through will make the process of finding qualified personnel a little easier on the short to
medium term since the work force is expected to be more available on the national market.
With regards to hotels, the affiliation to a brand or the existence of an operator is an advantage compared with those operated individually
including the trainings they offer and the operating standards they enforce, which may lead to a better qualified working force that can be trained
easier in the franchised/managed hotels.
New Players on the Romanian Market
Joining the UE opens the access to new players on the market. It is for this reason that the hotel and restaurant developing companies will be
tempted to enter Romania and take benefits of the promising markets and reduced costs of the working force. The trend from the capital of
Romania is soon to be carried out in all the major cities in Romania with a time lag of 2-3 years – the competitivness for hotels and
restaurants being more ferocious in Bucharest thus sustaining a better paid and more motivated workforce than the rest of the country.

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General Info
Constanta Geographical situation

County - It is situated in the south-eastern part of Romania, between the Danube and the Black Sea, in the south of Dobrudja.
Overview
Neighbours
In the east: the Black Sea, in the west: Ialomiţa County, in the north: Brăila and Tulcea Counties, in the south: Bulgaria.
Surface
7,071 square km.
Population
746,000 inhabitants.
Towns
Constanţa, capital of the county, with 348,000 inhabitants, big harbour of the country, industrial, trade, cultural and university centre, spa
and famous archaeological point. Other towns: Basarabi, Cernavodă, Eforie, Hârşova, Mangalia, Năvodari, Negru Vodă, Ovidiu,
Techirghiol.
Relief
The structure is that of a plateau (100 - 200 m in height), belonging to the Sothern Dobrudja Plateau and to the Central Dobrudja Plateau
(the Casimcea Plateau), decreasing from south to north, towards the Carasu Valley and from the Danube to the Black Sea’s shore.
Climate
It is continental with excessive influences - very hot and dry summers, cold winters, north-eastern strong winds, the rainfalls are rare and
not uniformly distributed.
Watercourses
With short rivers which get drained during the hot season, the most important ones are located in the north: Casimcea, Carasul, or short
hydrographic networks flowing towards the Danube (Topolog), or towards the lakes along the Black Sea’s shore (Casimcea). On the
Carasu valley, the Danube-Black Sea Chanell was dug over a distance of 64,2 km.
Touristic Atractions
Romanian Seaside
Black Sea’s beach, „a promise land“, stretches in Constanta county on a surface of more than 100 km (out of a total of 244 km representing
the Romanian border with the Black Sea). The wonderful Romanian seacoast benefits of the special charm given by the Black Sea (the
third European sea in terms of surface, and the second one in what concerns the depth, with reduced salinity - 17 - 18‰ at the shore and
the water temperature of 20 - 250C). There are no streams, dangerous plants or animals in the Black Sea’s waters. The sea platform
decreases smoothly from the coast (on a strip of 100 - 200 m) towards the open sea (the water is not very deep, 1 - 2 m), thus eliminating
all the risk factors. The climate is mild, summer days are long and warm, sun shines in July 10 - 12 hours a day, the average temperature in
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the summer is 240C and the annual average temperature is 110C. During the hot season the temperature on the beach goes up to 450
but the sea breezes rich in aerosols diminuish the scorching heat. The seacoast is covered with very fine sand. From Mamaia till Mangalia,
only one city seems to be stretching, a complex resort. Along the seaside one can choose a resort according to his wishes: Năvodari,
Mamaia, Constanţa, Eforie Nord, Eforie Sud, Costineşti, Techirghiol, Olimp, Neptun, Jupiter, Cap Aurora, Venus, Saturn, Mangalia, 2 Mai.
Constanţa county is the first in Romania in what regards the accommodation facilities, more than 150.000 rooms (about 45% of the total
number in Romania). The county also concentrates about 60% of the international touristic rush in the country. The secific feature of this
pictoresque universe is given by various factors (a very pleasant environment, the elegance of the hotels, many possibilities for spending
the time, natural healing factors). This region is a real oasis of relaxation and health.

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Lakes
Techirghiol it is the richest lake with therapeutic mud in Romania (the mud is composed of organical elements mixed with mineral
substances and represents the main element used in the treatment of various disease, making the spa a very demanded one. Techirghiol is
also the greatest salt lake in our country (11,7 square km). This river-sea lake (once a seagulf) is nowadays a faunistic preserve (more than
124 species of birds live here, many of them rare ones). The lake is also a leisure centre, offering boats and motor boats. Bugeac and
Oltina, river limans, important fishing centre on the right bank of the Danube. Corbu, Taşcău and Tatlageac, sea-river limans, nautical
sports can be practised, very important due to them therapeutic mud. Sinoe and Siutghiol, sea lagoons, former sea gulfs, today important
for fishing.
Caves
The Caves of Gura Dobrogei, complex preserve (speological, paleontological, geological, faunistic) situated near the villages of Limanu and
Târguşor, made up of three caves (Limanu, Liliecilor and La Adam, famous due to its Quaternary fauna) hosting colonies of bats.
Preserves and Monuments of Nature

Seacost Dunes in Agigea, (8 km south of Constanţa), natural preserves of sea dunes represented by a plateau of 8 - 10 m formed by the
continuous deposition of sand. Floristic preserve hosting about 120 species of plants peculiar to the Romanian Black Sea coast. Hârşova
Channels, geological and palaeontological preserve, a huge snake from the family of pythons lives here. Canaraua Fetii (south of the Oltina
lake), faunistic preserve. The Hagieni Forest, forest preserve between Hagieni and Albeşti, it is famous due to its beautiful landscape and to
the flora and fauna curiosities - the huge turtle, many species of spiders. It is an attraction point for visitors. Fântânele from Murfatlar,
floristic preserve (1 km south of the Murfatlar vineyard), near Basarabi.
Resorts and Spas
Costineşti (28 km south of Constanţa), summer resort (at an altitude of 2 - 4 m), it is also called „Youth Resort”. The long beach with fine
sand is oriented eastwards, having sun all day long (few beaches in Europe benefits this privilege). This beautiful resort is arranged for
thalassotherapy and heliotherapy (sun shines 10 - 12 hours a day). The youthful atmosphere is completed by the cultural-artistic events
organized here, by the modern facilities and by the vivid broadcasts of „Radio Holidays”. Access: by train - Costineşti railway station, on the
Bucharest - Constanţa - Mangalia line, by road DN 39 from Constanţa with deviation on a local road, after Tuzla. Eforie Nord (14 km south
of Constanţa), permanent spa (at an altitude of 6 - 20 m) situated on the stripe of land between the Techirghiol lake and the Black Sea. The
spa started its activity in 1894, when the Bucharest Eforia of Civil Hospitals built here a sanatorium. The second spa of the Romanian coast
(in terms of size), Eforie Nord is famous in the entire Europa due to the treatments based on natural factors existing here. The two
permanent treatment bases have facilities for hot baths (with concentrated salt water from the Techirghiol lake or from the sea); devices for
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treatments with warm mud, devices for ginecological treatment, rooms for Gerovital, Boicil şi Pell-Amar treatments. The charm of the great
natural park inside which the spa is situated, the beautiful beach (3 km in length and reaching 100 m in width), the sport arenas, the pools,
the facilities for nautical activities, all give the spa an original atmosphere. Access: by train - the Eforie Nord railway station, on the
Bucharest - Constanţa - Mangalia line, by road - DN 39 (E 87) from Mangalia or Constanţa - Vadu Oii, DN 3 from Călăraşi, by plain -
international airport Mihail Kogălniceanu, by sea. Eforie Sud (18 km south of Constanţa), spa with a wonderful seaside riviera descending in
steps towards the beach, 2 km in length. Former Carmen Sylva spa, it once had the first watering and climatic place in Dobrudja (1892),
and in 1930 it became the most important touristic resort of the Romanian shore. The annual average temperature is of 11,20C, the
average temperature in July is higher than 220C. The gentle sea and land breezes are felt here. We also find here children sanatorium for
rheumatology (permanent operation) and another one for debility and rickety (only during the summer). The sea wall (25 - 35 m in height
offering a wonderful landscape), the discos, the theatre in open air are attractions of this spa and resort. Access: by train - Eforie Sud
railway station on the Bucharest - Constanţa - Mangalia line. Jupiter - Cap Aurora (40 km away from Constanţa and 4 km away from
Mangalia), summer spas situated, basically, between the Comorova forest and the sea shore. The beach of the Jupiter resort stretches on
1 km near a picturesque gulf. Cap Aurora, the youngest resort of the Romanian shore attracts many tourists with the beauty of its
landscape and hotels, named after precious stones. The boats on the Tismana lake, the sport arenas, the theatre and the cinema in open
air, the pools, the discos, contribute to an unforgetable holiday. Access: by train - Mangalia railway station on Bucharest - Constanţa
Mangalia line, then by bus up to the resort. Mamaia (3 km north of Constanţa), the biggest resort in Romania (at an altitude of 6 - 8 m, also
called „the Black Sea’s Pearl”) stretches on a strip of land bathed by the sea waves in the east, and by the sweet waters of the Siutghiol
lake in the west. The first facility dates from 1906 - 1919, nowadays ranges among the most beautiful sea resorts in Europe. Due to its
excellent location, the resort receives permanently night and day breezes, blowing either from the sea or the lake. In full season, the sun
shines for 10 - 12 every day. The beach of the resort, which could compete with the famous beaches from Cannes or Saint Tropez on the
Cote d’Azur, has a very fine sand, on a length of 8 km and a width of 100 - 200 m. This outstanding beach is scattered with elegant hotels,
sport grounds, open air pools, discos, parks, summer theatre. One can practise water sports or learn yachting or swimming, also the fishing
is permitted on the Mamaia lake. Thousands of tourists from all over the world come every summer to this beautiful resort. Access: by road
- E 60 Oradea - Constanţa - Mamaia, E 87 Mangalia - Constanţa - Mamaia, by train Constanţa railway station, than by trolley sus or by tram
up to, by air - international airport Mihail Kogălniceanu, then by coach. Mangalia (44 km away from Constanţa), permanent spa, situated at
the same latitude with the Mediterranean resorts of Monaco, San Remo and Nice. It is as old as Tomis, the ancient colony was called
Callatis (after the Calles river in Asia Menor), founded by the Greeks in the 6th century B.C., it developed in Roman times (2nd - 4th
centuries A.D.) and later revived by the Genoveses (13th - 14th centuries) who called it Pangalia. Mangalia, the southernmost resort on the
Black Sea’s shore is the only place in Romania where in winter the temperature remains above 00C. It has a mild climate, similar to the
Mediterranean one, with early springs and late autumns. Mangalia is the unique sea spa with mineral springs (sulphur, mezothermal and
radioactive, used since Roman Antiquity). The treatment facilities include medical recovery, devices for warm baths with sulphuretted water
and sea water, mud therapy, kineotherapy, hydrotherapy, sauna, medical gyms, geriatrics rooms (Gerovital, Boicil, Pell-Amar treatments).
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Here one can go riding, or visit the Museum of Archaeology, the Esmahan Sultan Mosque (Moor style, 1590). The vestiges of the Roman
Byzantine Church, 5th - 6th centuries, Mercurius Collection (pipes and curiosities). Access: by train - Mangalia railway station, on Bucharest
- Constanţa - Mangalia line, by road DN 39 from Constanţa, bus lines exist between Constanţa and Mangalia. Neptun Olimp (6 km from
Mangalia), resort situated at an altitude of 5 - 20 m on the sand strip between sea and the Comorova forest, a real oasis of quiteness and
freshness, a garden of the Romanian shore litoralului românesc. This modern touristic complex is defined by quality and elegance in what
concerns the villas and hotels as well as its restaurants. Numerous sports can be practised here (horse riding, tennis, boat cruises). There
also many cabarets and clubs, parks. Neptun has modern treatment facilities (electrotherapy, hydrotherapy, mud treatments, gyms, sauna,
Gerovital and Aslavital treatments, famous Romanian therapeutic products preventing premature aging and regenerating the body). Saturn
(42 km from Constanţa and 1 km from Mangalia), summer resort (at an altitude of 3 - 10 m) 25 sunny days a month. The sea water has,
during the summer, an average temperature of 20 - 250C. The possibilities of accommodation, the restaurants, the bars, open air theatre,
the sport grounds, the fishing and riding facilities assure very present holydays. Venus (5 km from Mangalia), a summer resort situated
cape formed by a descending slope in a beautiful amphitheatre. The resort, called after the goddess of beauty, has hotels with girl names,
built in an original architectural style. As all the others resorts of the Romanian seaside, Venus enjoys the sea breeze, sunshine and fine
sand being an attraction point for all the tourists. Techirghiol (18 km south of Constanţa), perma nent spa situated on the bank of the lake
with the same name (at an altitude of 15 - 20 m), in a valley surrounded by small hills. Winters are mild and summers hot, dominant being
the clear ski (sun shines for more than 2.400 hours every year. The main natural therapeutic factors are the salt water and the sapropelic
mud of the Techirghiol lake. The spa has five centres of treatment with many facilities (for warm baths in tubs or pools with concentrated
salt water from the lake, for warm baths with mud and for hot mud treatments, for aerosols, for hydrotherapy. Access: by train (Constanţa
and Eforie Nord railway stations, than by bus up to the spa, by road DN 39 from Constanţa or Mangalia, with deviation in Eforie Nord).
Historical Vestiges
The Histria Fortress in Histria (62 km from Constanţa), the oldest Greek settlement on the Romanian territoryit was founded in 657 B.C., by
Greek colonists who had come from the city of Milet (Asia Menor). The fortress was for 1.200 years an important harbour and strong
economical centre, being protected by the Getae and then by the Romans. Scientist Vasile Pârvan, who started the excavations here
discovered so many riches that he called it „A Romanian Pompei”. We find here the temple of Aphroditis, that of Zeus, the Roman baths,
the forum, the square, the paved street, the water pipes. Tomis Fortress in Constanţa (first half of the 6th century B.C.), the Greek colonists
from Milet founded the harbour-town of Tomis. Many vestiges of the ancient town can be seen today: „Butchers’ Tower” rebuilt during the
times of Iustinianus, the roman perimeter wall from the 3rd century A.D., large ancient pottery, exhibited in a beautiful archaeological park.
Roman Building with Mosaic in Constanţa, unique monument this side of Europe, realised in the 3rd - 4th centuries A.D. The mosaic, on the
terrace of a Roman trade buiding has an impressive size of 2,000 square meters. Callatis Fortress in Mangalia, colony founded by the
Dorians arrived from Pontic Heracleea in the 6th century B.C. It developed in the 4th - 3rd centuries B.C. Vestiges of exceptional scientific
and touristic interest were discovered here (a thesaurus, graves, Roman aqueducts). Here it was preserved the oldest document in Latin in
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the Southeastern Europe (an inscription dated 72 B.C.). Neolithic Settlement in Cernavodă, settlement of Hamangia type and necropolis
where the famous statue of „The Thinker” was discovered. Sucidava Fortress in Dunăreni, Geto-Dacian settlement, then roman reinforced
camp in the 2nd - 7th centuries A.D. Capidava Fortress, Dacian settlement fron the 1st century B.C. - 1st century A.D., then Roman camp
reinforced by the Emperor Trajan. Axiopolis Fortress in Cernavodă, ancient fortress founded by the King of Thracia, Lysimachos, 306
B.C., then Getae-Dacian, Roman, Byzantine settlement Axiopolis („dark city”), it received in the 19th century the Slavic name of Cernavodă
(„black water”). Carsium Settlement in Hârşova, Roman fortress built by Trajan in 103 A.D. in the place of a Getae- Dacian settlement, a
Byzantine fortress was built later here, in the 10th - 11th centuries. Altinum Fortress in Oltina, civilian settlement and station of Roman river
military fleet, in the 1st - 4th centuries A.D. Byzantine Fortress in Ostrov, on the Păcuiul lui Soare island, it was a strong naval base known
as Vicina, 971 - 976. Genovese Lighthouse in Constanţa, it was built between 1858 - 1860 by an English company. „Hunchiar” Mosque in
Constanţa (in Moor style 1867 - 1868).
Religious Buildings
Mosque from Constanţa, it was built in 1910, in Moor style in the place of the old mosque from 1822. It is an exact copy of the grat Konia
mosque from Anatolia (Turkey). It has beautiful inner wall paintings. The minaretul (50 m in height) offers a wonderful landscape of the to
and harbour. Orthodox Cathedral in Constanţa, it was built between 1883 - 1895, in the style of the old Wallachian architecture, with inner
wall paintings made by D. Mircea. Metamorfosis Greek Church in Constanţa (1865 - 1867). Esmahan Sultan Mosque in Mangalia (1590), in
Moor style. Dervenţ Monastery (on DN 3, between the branch of Ostrov and the Buceg lake), historical monument, wonder spring.
Monastery in Basarabi (9th - 10th centuries), monk site in a cave, unique for Romanian ancient culture. „Saint George” Orthodox Church in
Constanţa (1905 - 1911), with wall paintings made by Nicolae Tonitza.
Cultural Buildings
Museum of National History and Archaeology in Constanţa, one of the richest museums in the country, with collections of prehistorical,
Greek, Roman, Bizantine, Medieval archaeology. Among the statues exhibited here, the most famous are that of Fortuna Goddess and
Pontos God (protectors of the town), the Glycon snake. Museum Complex of Natural Sciences in Constanţa, with the Aquarium,
Delphinarium, Planetarium and Astronomic Observatory. The aquarium exhibits more than 100 species of fish of the Black Sea and of ot
seas of the world. Art Museum from Constanţa, with valuable works (painting, sculpture and graphics) belonging to famous artists: Nicolae
Grigorescu, Theodor Aman, Ion Andreescu, Theodor Pallady, Corneliu Baba, Dimitrie Paciurea, Ion Ţuculescu, Ion Jalea, Vida Gheza.
Museum of the Sea in Constanţa, with a rich collection of sea fauna from the world oceans. Museum of Folk Art in Constanţa, Dobrudja
ethnographical collection, folk art, pottery, texture, rugs. Navy Museum with history of the Romanian Navy and commercial fleet.
Monuments and Statues

„Tropaeum Traiani” Triumphal Monument at Adamclisi (64 km from Constanţa), unique building in the Roman provinces, in terms of size
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and decorations. It was built in 106 - 109 A.D., in honour of the victory of Emperor Trajan on Dacians, in 102 A.D. Of a great value are the
metropoles presenting scenes from the battles between Dacians and Romans, being a real document of Dacian-Roman history. Ovidiu’s
Statue at Constanţa, the Latin poet Publius Ovidiu Naso was born in 43 B.C. and exiled in Tomis in 8 A.D., where he died after 9 years. It
was here that he wrote his „Sad poems” and the „Pontics”, although he acknowledged the help and admiration given to him by the natives.
The statue was made by the sculptor Ettore Ferrari (1887). Eminescu’s Statue in Constanţa, it was made by the sculptor Oscar Han in 1930
and placed on the sea shore, as the poet wished in his famous poem „I Have an Only Wish”, Paul Anghel said about it: „his face, looking
serene over the blue infinity meeting the sky, seems to be the vary face of longing”.
From Constanta, a 50 km (31 miles) strip of fine golden sand stretches all the way to the border with Bulgaria; and it hosts a
series of resorts poetically named after women and mythological gods.
Among the most popular are Neptun and Olimp, built as leisure sites for the rich of the communist era, now offering de-luxe villas
and excellent hotels, some on the beach, others in the quiet Comorova forest between the shore and a lake.
Southwards, the resorts of Jupiter, Cap Aurora, Venus and Saturn offer a variety of inexpensive hotels, campsites and rented
accomodation, while Costinesti is mostly a youth resort, with basic accomodation and informal entertainment.
Mangalia is renowned for therapy treatments
The 6th century BC fortified town of Callatis became today's balneary spa of Mangalia, with a special cure hotel. Here, as in
Eforie Nord, Eforie Sud and the spa in Neptun, a wide variety of therapeutic treatments are available, including mineral-rich
mudbaths, thalassotherapy and the famous Romanian Gerovital cure.
Medical staff are highly qualified and clinics and consulting rooms remain open all through the year. So you can combine
professional treatment with all the pleasures of a seaside holiday.

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The beach of Cap Aurora has a slight appearance due

numerous small bays fragmented, and the vegetation very
close proximity of hotels. Tourists staying here goes down
the hotel directly on the beach. These issues and the
unique architecture of the Romanian seaside hotels here
have made this small resort being assaulted several years
in a row of Romanian tourists but also many foreign.
Unfortunately, in recent years, beach erosion has made this
point to be narrow beach with easy water entry stony,
inconvenience to the area's popularity declined in the last
summer.

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Hotel Safir

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Hotel Onix

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Hotel Azur
*
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Feasibility Study for Proposed Hotels in Cap Aurora & Eforie Nord, Romania

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Feasibility Study for Proposed Hotels in Cap Aurora & Eforie Nord, Romania

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S.C. GOOD DEAL S.R.L.

consulting, management & building design

Proposed Hotels Development

S.C. GOOD DEAL S.R.L.

B-dul MAMAIA nr.135-137, 900590

consulting, management & building design

B-dul MAMAIA nr.135-137, Constanta, RO, 900590

consulting, management & building design

B-dul MAMAIA nr.135-137, Constanta, RO, 900590

consulting, management & building design

B-dul MAMAIA nr.135-137, Constanta, RO, 900590

consulting, management & building design

B-dul MAMAIA nr.135-137, Constanta, RO, 900590

consulting, management & building design

However much the tourism sector has held up in 2008,

B-dul MAMAIA nr.135-137, Constanta, RO, 900590

consulting, management & building design

B-dul MAMAIA nr.135-137, Constanta, RO, 900590

consulting, management & building design

Source: World Tourism Organization; International Monetary Fund

consulting, management & building design

B-dul MAMAIA nr.135-137, Constanta, RO, 900590

consulting, management & building design

B-dul MAMAIA nr.135-137, Constanta, RO, 900590

consulting, management & building design

consulting, management & building design

The free movement of the working force

The hiring and retention of employees is a critical issue in today’s Romania.

New Players on the Romanian Market

B-dul MAMAIA nr.135-137, Constanta, RO, 900590

consulting, management & building design

Constanta Geographical situation

consulting, management & building design

B-dul MAMAIA nr.135-137, Constanta, RO, 900590

consulting, management & building design

B-dul MAMAIA nr.135-137, Constanta, RO, 900590

consulting, management & building design

Preserves and Monuments of Nature

consulting, management & building design

consulting, management & building design

consulting, management & building design

Monuments and Statues

consulting, management & building design

Mangalia is renowned for therapy treatments

B-dul MAMAIA nr.135-137, Constanta, RO, 900590

consulting, management & building design

The beach of Cap Aurora has a slight appearance due

B-dul MAMAIA nr.135-137, Constanta, RO, 900590

consulting, management & building design

B-dul MAMAIA nr.135-137, Constanta, RO, 900590

consulting, management & building design

B-dul MAMAIA nr.135-137, Constanta, RO, 900590

consulting, management & building design

B-dul MAMAIA nr.135-137, Constanta, RO, 900590

consulting, management & building design

B-dul MAMAIA nr.135-137, Constanta, RO, 900590

consulting, management & building design

B-dul MAMAIA nr.135-137, Constanta, RO, 900590

consulting, management & building design

B-dul MAMAIA nr.135-137, Constanta, RO, 900590

consulting, management & building design

B-dul MAMAIA nr.135-137, Constanta, RO, 900590