“Brasov Citadel is a historical monument and its technical status is uncertain. Aro Palace would need to invest a lot of money in rehabilitating the walls, approximately 2.5 – 3 million EUR by our calculations. The restaurant that functions in the Citadel would never be able to produce so much profit that the investment could be recovered”, according to Fercala.


In his opinion, Aro Palace’s activities do not allow for money to be obtained from museum tickets, and the only revenue source is the restaurant which was profitable before 1989 and a couple of years after.


“For Aro Palace, this property produces only losses from bills and salaries. Tourist flow dropped dramatically over the years and we are unable to cover the costs any more”, Fercala added.


The general director also mentioned that the buyer needs to keep the property intact. In order to be able to sll it, Aro Palace must first talk to the Culture Ministry and then to the Brasov County Council, which did not show any interest in taking over the building. The Town Hall was next and they did express an interest.


“Aro asked for a price and the Local Council will do its own evaluations. The institution needs to access uripean funds to be able to renovate it, since it doesn’t have its own finances. From this reason we want to trade with the Local Council so that we receive a part of the money and the rest in assets, until we reach the established value”, the SIF Transilvania director concluded.


If Aro Palace and the Town Hall do not reach an agreement, the Citadel will be auctioned off in the fall. (Source: business-review.eu)