The Adamescu family has bought the Rex hotel in Mamaia from Viorel Paunescu and several Swiss shareholders, under a 10 million-euro transaction, which also included the debts.

Rex, located 20 metres away from the beach, is the only five-star hotel on the Romanian seaside. Its guests generally include football players, businesspeople, and media personalities. The hotel has 102 rooms (with 90 doubles and 12 suites).

The acquisition was conducted through Tycoon Imobiliar SRL, a company controlled by the wife of Dan Adamescu, Carmen Adamescu. The company bought 100% in Rex Mamaia SA.

Dan Adamescu controls Unirea Shopping Center and insurance company Astra, through Nova Trade. Moreover, he owns 50% in the publishing company behind Romania Libera daily and several office buildings, among which Millenium Business Center, the headquarters of the Bucharest Stock Exchange. Before takeover, the shareholders of Rex Mamaia included Viorel Paunescu (55%), Thomas Moser (21%) and Serra Betina Susana (105), both from Switzerland, Anvio International Company (10%), G.C.&P. General Consulting and Procurement SA (2%), Eastern European Consultant (2%) and Compania Hoteliera Intercontinental - Hotel Company Intercontinental (0.04%).

Viorel Paunescu, chairman of Compania Hoteliera Intercontinental Romania (the company managing the Bucharest-based Intercontinental hotel) could not be contacted for comment.

"This hotel is representative for the Romanian seaside and for Romania. I was the one that insisted on buying it," said Carmen Adamescu.

The new owner says it will invest one million euros into the hotel, for the beginning, with the funds to reach 5 million euros in two years, so that Rex can live up to "genuine" 5-star standards. The investment can be recovered in 5-7 years.

In the next six months, the hotel will come to include a spa, a casi