On the 14th of February 2024, Aro Palace SA announces the signing of a Letter of Intent with an affiliate of Hyatt Hotel Corporation for the potential inclusion of Aro Palace Hotel into the international portfolio of Hyatt-branded hotels. The property is expected to be operated under the name “Hyatt Regency, Aro Palace Brasov”.

“We are delighted to take the first step towards joining the Hyatt family and bringing their world-class hospitality standards to Romania," stated Attila Joós, CEO of Aro Palace S.A. “Merging Hyatt’s global brand excellence with our deep understanding of the local culture and traditions will enhance our ability to attract guests from around the world and leverage their experience.”

“Aro Palace takes an important step in the strategy defined to elevate this renowned asset from our portfolio. Among all top hospitality brands we considered, Hyatt is undoubtedly the top choice, and we are eager to embark on this journey together.”, said Radu Roșca, CEO of Transilvania Investments, the investment fund that controls 85% of Aro Palace shares.

Dr. Ray Iunius, CEO of Winsed.Swiss, expressed his enthusiasm for the project, stating, “This collaboration not only signifies a remarkable development for the hospitality industry but also aligns with Winsed.Swiss's mission to facilitate strategic partnerships that redefine hotel management and guest experiences."

Established in 1939 in Brașov, Aro Palace Brasov features 189 guest rooms and suites and a further 67 executive rooms and suites, a spa, bars, and business lounges. The hotel is a premier choice for visitors in the area due to its location which offers a 360-degree perspective on the historic centre of Brasov. Aro Palace company is listed on the Bucharest Stock Exchange under ARO. The company portfolio also includes Capitol Hotel, a 180-key hotel with conference facilities, and 2 restaurants undergoing a radical restructuring process which will open its doors for guests at the end of 2025 under the Mercure Brasov Centre brand.

About Hyatt Hotels Corporation
Hyatt Hotels Corporation, headquartered in Chicago, is a leading global hospitality company guided by its purpose – to care for people so they can be their best. As of September 30, 2023, the Company’s portfolio included more than 1,300 hotels and all-inclusive properties in 76 countries across six continents. The Company's offering includes brands in the Timeless Collection, including Park Hyatt®, Grand Hyatt®, Hyatt Regency®, Hyatt®, Hyatt Vacation Club®, Hyatt Place®, Hyatt House®, Hyatt Studios, and UrCove; the Boundless Collection, including Miraval®, Alila®,a Andaz®, Thompson Hotels®, Dream® Hotels, Hyatt Centric®, and Caption by Hyatt®; the Independent Collection, including The Unbound Collection by Hyatt®, Destination by Hyatt®, and JdV by Hyatt®; and the Inclusive Collection, including Impression by Secrets, Hyatt Ziva®, Hyatt Zilara®, Zoëtry® Wellness & Spa Resorts, Secrets® Resorts & Spas, Breathless Resorts & Spas®, Dreams® Resorts & Spas, Hyatt Vivid Hotels & Resorts, Alua Hotels & Resorts®, and Sunscape® Resorts & Spas. Subsidiaries of the Company operate the World of Hyatt® loyalty program, ALG Vacations®, Mr & Mrs Smith™, Unlimited Vacation Club®, Amstar DMC destination management services, and Trisept Solutions® technology services. For more information, please visit www.hyatt.com.

Brasov, 15th of February, 2024

Mihai Buliga was authorized by the FSA (Authorization no. 2/11.01.2024) as member of the Executive Board of Transilvania Investments Alliance, thus completing the structure of the Company's Executive Board alongside Radu Roșca, Executive President, and Stela Corpacian, Executive Vice President. Mihai Buliga will hold the position of Executive Vice President of the Board. The mandate of the entire team is valid until April 20, 2024.

Mihai Buliga is a well-known personality in the capital market, with over 27 years of experience in this field. He held the position of executive director or member of the boards of directors in several financial intermediation and investment fund management companies, being part of the teams that managed investment, development and portfolio restructuring strategies.

"The complexity of the business and the focus on growth, attributes defining Transilvania Investments, are challenges that I have accepted with enthusiasm. It is an honor for me to work alongside experienced professionals in a strategic year for the company", says Mihai Buliga.

Brasov, January 16th, 2024

Independența SA Sibiu, a company in which Transilvania Investments is the majority shareholder, completed the first phase of the €1.5 million rehabilitation project of the industrial facilities on the platform. The ultimate goal is to reintegrate the old production plants into the economic and social circuit of Sibiu City, which will be the foundation for a new and broader project for the development of a hub in this key area of the country.

Two of the three plants located on the platform in the South-West area of Sibiu City, just about 500 metres from the highway entrance, have already passed through repair and modernisation works. Overall, 12,000 square metres of the 40,000 square metres of spaces have been refurbished, from floor to roof, with up-to-date materials. The final layout has been set to ensure a mix of utility. Thus, for the spaces intended for production and warehousing activities, the old industrial-type utilities have been retained, and for those hosting community activities (sports hall and climbing esplanade), the structure and the interior design have been redesigned. Currently, 74% of the renovated plants are already rented.

The impact of the investment is already obvious, so the works enabled an increase in rental revenues, and this means resources for the next step, namely the refurbishment of the 3rd plant on the platform, a much more complex work.

In the long term, the development strategy of the Independența platform also includes the construction from scratch of a 4th plant, located on the 10 hectares of currently unoccupied land, as well as the equipping of existing facilities with eco-friendly technologies.
Independența SA Sibiu continues to have its own production activities in the field of equipment for the recycling and metallurgical industry, on the same industrial platform in which the real estate investments are also integrated.

Brasov, December 12, 2023

Turism Felix SA will start the year 2024 with a new managerial team: Răzvan Pîrjol and Alina Chefneux will hold the positions of General Manager and Deputy General Manager, respectively, as of May 1st, 2024.

The international expertise of the new managers will help in defining the strategy through which the company, owned by the investment fund Transilvania Investments, is aiming to become a top destination in the spa and wellness tourism in Eastern Europe.

Răzvan Pîrjol has been working in the hospitality industry since 1997, with a career path that has included both the entrepreneurial area and the public and private sector, providing consultancy for major international tourism brands.

With a Master's degree in Hospitality from GLION Institute Switzerland, Alina Chefneux is bringing the international experience of over two decades with one of the world's leaders in the cruise industry.

The transfer of responsibilities to the new management team is already underway, with the two new managers to take full charge as of May 1st, 2024.

"The development of the offer, especially in the wellness & spa area, is one of the priorities for the coming year", says Radu Roșca, CEO of Transilvania Investments. "The new managerial team has the necessary expertise to support the company to retain its customers, for whom we want to increase the quality of the services offered, but also to expand, especially internationally, the categories of customers we are targeting."

Turism Felix  has completed in 2023 the rehabilitation of the Aquapark Venus, one of the company's most important projects of the last decade. Completely refurbished, following an investment of EUR 14 million, the aquapark in 1 Mai resort (Bihor County) is part of the company's asset portfolio, which also includes five hotels and two other swimming pools in Băile Felix resort. Among them, the Termal Hotel 3*, whose complete renovation was also completed this year, the EUR 8 million invested providing the standard expected by tourists for this landmark hotel.

Turism Felix reported revenues of RON 81.6 million For the first nine months of this year.

Turism Felix SA (TUFE) is one of the largest spa operators in Romania, traded on the Bucharest Stock Exchange, with a capacity of 1,743 beds and a team of 600 employees. The company is specialized in leisure services, spa treatment, domestic and international tourism.

Brasov, December 12, 2023

Transilvania Investments ends the first nine months of this year with a net profit of RON 151.99 million, 176% higher than the profit recorded in the third quarter of the year 2022. The financial results for the first three quarters are directly influenced by the increased performance of the companies in which the investment fund is a majority shareholder.

As at September 30th, 2023, Transilvania Investments' net income reached RON 172.42 million, an increase of almost 136% in comparison to the same date last year. Dividends collected from companies of Transilvania Investments' portfolio represent a significant part of revenues, with a notable increase in dividends from companies in which the fund holds a majority stake.

"The changes we have made over the past two years in the development strategy of the companies in which we are a majority shareholder are beginning to bear fruits. The transition to profit of THR Marea Neagră, whose business model has radically changed, the very good results achieved by Aro Palace Brasov, as well as other decisions implemented, have directly influenced the dividends collected from the companies in which we are majority shareholder. Their value has increased significantly compared to the value on 30 September 2022 thus demonstrating the capability of these companies to become relevant in their industries, to make investments and to increase their operating income. Beyond the numbers, we have set a common vision for our portfolio companies, with the focus on increasing the performance that investors expect from us", says Radu Roșca, CEO of Transilvania Investments.

Transilvania Investments reported at the end of the first nine months a net asset value of RON 1,585.52 million, up by 23.8% compared to the same period of the previous year. The value of total assets held by the fund, as at September 30th, is RON 1,675.62 million, up by 24.4% compared to the same period of the previous year.

In the last nine months, Transilvania Investments has completed a number of key projects in line with its portfolio asset development strategy. Turism Felix completed the first phase of the development of Aqua Park Venus, an EUR 14 million investment. Aro Palace Brasov will finalize early next year the selection of the suppliers that will manage the large-scale modernization project of the Capitol Hotel which is to be reopened in 2025 as Mercure Brasov Center, following the association with the Accor group.

More information can be found in the Quarterly Report 30.09.2023: https://transilvaniainvestments.ro/wp-content/uploads/2023/11/Raport-T3-2023-Transilvania-Investments-EN.pdf

Brasov, November 15th, 2023

The Supervisory Board of Transilvania Investments Alliance S.A. approved on 17.10.2023 the commencement of the recruitment and selection procedure in order to fill the two vacancies in the Supervisory Board, in accordance with the Policies and procedures regarding the assessment of the adequacy of the members of the management structure and the persons holding key positions within Transilvania Investments Alliance S.A.

The candidates for the vacant positions can be proposed by the Transilvania Investments Alliance shareholders and by the current members of the Supervisory Board of Transilvania Investments Alliance.

The application file shall include the documents set forth under Chapter II.1. of Policies and procedures regarding the assessment of the adequacy of the members of the management structure and the persons holding key positions within Transilvania Investments Alliance S.A. - document available on the Company's official website, at Corporate Governance - Internal Policies and Regulations - Internal Regulations section.

Application files for the position of provisional member of the Supervisory Board shall be sent by post (registered letter with declared value) or submitted to the Company’s registration office, no later than November 3, 2023, 4 p.m.

Additional information can be obtained from Mr Călin Dragoș, Head of Legal Department, phone number +4 0728 288 660.

Transilvania Investments announces completion of EUR 14 million investment in Aqua Park Venus

Aqua Park Venus in 1 Mai (Bihor County) officially reopened on Saturday, 19th of August this year, after almost two years of works that required the complete renovation of the pool and investments of EUR 14 million. The complex is part of the Turism Felix SA portfolio, a company owned by the investment fund Transilvania Investments.

The newest aqua park in the Western part of the country awaits its visitors with a complete leisure offer. On an area of 4.3 hectares, tourists will discover six pools with thermal water or heated water, for swimming or equipped with aquatic massage systems or jacuzzi. Another two more pools are for children, who can also enjoy the play areas. A fast-food restaurant and sports fields allow guests to plan a fun day out with the whole family.

"With the opening of the Aqua Park Venus, we are establishing a new holiday destination able to support the development of domestic tourism," says Radu Roșca, Executive President of Transilvania Investments, "For the coming years, our strategy is to consolidate Turism Felix's status as the most important operator in spa tourism in Romania and to create a synergy between this offer and other important assets that the fund owns in this sector."

The five hotels and the two pools owned by Turism Felix are the main tourist destination in Bihor County, attracting annually thousands of tourists interested in treatment, relaxation or business offer. Access to natural thermal water resources allows year-round operation of almost all assets in the portfolio.

As part of its development strategy, Transilvania Investments has recently started a recruitment campaign for the position of general manager of Turism Felix SA, the role of the future manager being to implement the long-term vision intended to position the company at the top of the Romanian tourism operators.

Brasov, August 21, 2023

A five stars event - Transilvania Investments Golf Challenge at its second edition

A celebration of sport and the business community, the second edition of the Transilvania Investments Golf Challenge brought together this year golf enthusiasts from all areas of business. Perfect strikes were accompanied by socialising with the investment fund team.

Held at Baciu, Cluj County, on 19th of August, the challenge had 48 players competing in the NET and GROSS categories.
The Texas Scramble format proved perfect for highlighting each competitor's skills. Every shot counted, the strategies changed as teams advanced, and the tension was dispelled by the pleasure of having a companion to play all 9 holes of the Sun Garden Resort course.

Regardless of their individual performances (handicap), the players went through the competition with great enthusiasm doubled by the prizes at stake. This year, Aro Palace Brasov, Turism Felix, Turism Tușnad, Turism Covasna, Tratament Balnear Buziaș, Hotel Orizont Predeal and Hotel Central Ploiești contributed with prizes offered to the six doubles teams, winners in the NET and GROSS categories.

Transilvania Investments congratulates all the participants for their thrilling demonstration of skill, patience, strategy and determination. See you on the golf course in 2024!

Brasov, August 29, 2023

Aro Palace SA announces the completion of the sale procedure of Coroana-Postăvarul Hotel, an important step in the process of refining the portfolio and concentrating investments on the main assets held, informs the company's majority shareholder, the investment fund Transilvania Investments.

The sales contract was signed on Friday 14 July with the winning company of the public tender. The final price paid by Elevate Properties SRL is EUR 9,367,000.

"The completion of the sale process of Coroana Hotel allows us to focus our resources on the core assets of Aro Palace, with a focus, over the next two years, on the reopening under a new brand of the completely rebuilt Capitol Hotel. This strategic realignment will strengthen our position in the Brasov hotel market and will allow us to approach more agilely the opportunities it offers ", says Radu Roșca, Executive President of Transilvania Investments.

Aro Palace announced in June this year the completion of discussions for the Capitol Hotel to join the Mercure brand of the French group Accor. The company will invest more than EUR 11 million in the rehabilitation of this hotel, a process that will be carried out in stages until the hotel reopens in 2025. Aro Palace has already started the process of selecting suppliers to provide design, project management and general contracting services for the project.

Also by the end of the year, Aro Palace will complete another important investment in the restaurant on the top floor of Aro Palace Hotel, the renovation works being estimated at over EUR 700 thousand.

Brasov, 17th of July, 2023

Accor joins hands with ARO Palace Brașov for the reopening of the Capitol Hotel as part of the global Mercure brand

THE CONSOLIDATED AND REFURBISHED HOTEL WILL BE REOPENED AT THE END OF 2025. THE MAJORITY SHAREHOLDER OF ARO PALACE S.A. IS TRANSILVANIA INVESTMENTS, ONE OF THE LARGEST INVESTMENT FUNDS IN ROMANIA.

Accor, a world-leading hospitality group, has signed an agreement to open a new Mercure hotel in Brasov, Romania under a franchise agreement with key local hospitality partner, ARO Palace. The contract targets the consolidation and complete makeover of the former Capitol Hotel Brasov, which will be reopened in late 2025 as Mercure Brasov Center. ARO Palace S.A. have been assisted by winsedswiss Romania in the operator selection process.

The hotel will welcome guests in 181 spacious rooms, including 28 suites. It will also feature an a-la-carte restaurant and a lobby bar. The hotel will certainly become the ideal venue for hosting business events, private celebrations, and ceremonies in its six versatile conference rooms, totalling more than 500 sqm.

The future Mercure Brasov Center enjoys a prime location in the heart of the city, right at the entrance gate in the Old Town. With its central location, the hotel offers guests easy access to the city's cultural treasures, shopping districts, and lively entertainment options, ensuring a memorable stay immersed in the charm and history of Brasov. The destination is also highly accessible, being situated only 5 minutes away from the railway station, while the drive to the new Brasov-Ghimbav International Airport takes less than 15 minutes.

Brasov is one of the top Romanian cities which contributed significantly to the country’s economic growth in 2022. The hospitality sector plays a pivotal role in promoting tourism and cultural exchange in Brasov, as well as in creating jobs and boosting ancillary industries and trade. The city's rich history, stunning landscapes, and proximity to the Carpathian Mountains attract a growing number of domestic and international tourists.

“Joining hands with one of the largest and most prestigious hospitality players in Romania – ARO Palace, owned by Transilvania Investment – is a great opportunity and an honour for Accor. The partnership allows us to fulfil our mission, of empowering local destinations to achieve their potential through superior standards of accommodation, personalised services and access to the immense strength of our global marketing and distribution network.” says Cătălina Toma, Accor Development Director for Romania, Bulgaria, Moldova.

"Of all the options considered, Mercure was the best choice to leverage all that Hotel Capitol has to offer. It's a brand with a strong international reputation and local inspiration as its core value. This will allow us to carry forward all that the hotel's history of over four decades," said Radu Roșca, Executive President, Transilvania Investments.

“ARO Palace aims to complete all the steps related to obtaining the permits and selecting the suppliers that will implement the investment by the end of this year. The renovation works will start in the first quarter of 2024 and will involve not only the complete modernisation of the space, but also the addition of services that will allow a higher classification.
The goal is to create a synergy between the offer of the Mercure Brasov Center and that of the Aro Palace Hotel, so that tourists visiting the Brasov area will find all the options in the company's portfolio. This will bring the company closer to its goal of making Brasov the no. 1 travel destination in Romania, both for individual leisure, as for business and large groups.” stated Călin Ile, President of the Board of Directors, Aro Palace.

The Mercure Hotels boasts a powerful international network of more than 943 hotels in over 60 countries. Each Mercure hotel is rooted in local culture and is complimented by generous hospitality and a commitment to offering high-quality standards. The brand is renowned for its focus on sharing ‘Local Stories’ to help travellers discover hidden gems that cannot be found in guidebooks and surprising tales that only the locals know. The network prides itself on offering high-quality standards with a true take on locality. From the moment guests arrive –be it in Rio, Paris, Bangkok, or any other destination globally –they are instantly immersed in a locally inspired atmosphere. Everything from the decorative design to a passion for local food and beverage discoveries is rooted in the unique features of each destination.

ABOUT ACCOR

Accor is a world leading hospitality group offering experiences across more than 110 countries in 5 400 properties, 10 000 food & beverage venues, wellness facilities or flexible workspaces. The Group has one of the industry’s most diverse hospitality ecosystems, encompassing more than 40 hotel brands from luxury to economy, as well as Lifestyle with Ennismore. Accor is committed to taking positive action in terms of business ethics & integrity, responsible tourism, sustainable development, community outreach, and diversity & inclusion.  Founded in 1967, Accor SA is headquartered in France and publicly listed on Euronext Paris (ISIN code: FR0000120404) and on the OTC Market (Ticker: ACCYY) in the United States. For more information, please visit www.group.accor.com or follow us on Twitter, Facebook, LinkedIn, Instagram and TikTok.

ABOUT TRANSILVANIA INVESTMENTS
Transilvania Investments is one of the largest investment funds in Romania, listed on the Bucharest Stock Exchange under the symbol TRANSI. The fund's mission is to maximize investor returns by managing a complex portfolio of assets including companies in the financial, tourism, real estate, energy and IT sectors.

ABOUT ARO PALACE
The company Aro Palace S.A: has been making history in Brasov for over 80 years, since the first of its hotels, the Aro Palace Brașov was inaugurated in 1939. In 2005, the hotel was modernized and upgraded to 5-star standard, which it still maintains today.
The hotel has a privileged position, situated in the heart of Brasov, in the historical centre, so sought after by tourists from all over the world. Here tourists will always find a service that meets their demanding tastes.

The former Capitol Hotel Brasov, which is to be renovated, will be a proud member of the company.

Brașov, June 27, 2023.

Hotel Capitol Brașov