Echo Investment shall build a 10-storey hotel Novotel in Łódź, at Piłsudskiego avenue. The hotel shall offer its guests 160 modern, air-conditioned rooms. The hotel will opened before the commencement of EURO 2012 tournament.

Echo Investment has finished settlement of a new schedule of investments and changes in previously prepared conception of the hotel Novotel in Łódź. On 16th  October 2009 companies Echo Investment and Orbis signed annexes to the agreement on general execution of the project that they had concluded earlier. According to new stipulations, the General Executor of the Investment (Echo Investment) obliges to construct, in accordance with the ACCOR Group standards, a hotel of Novotel class, of the nett area equalling approximately 7.200 sq. m. And will hand it over to the Investor (Orbis) in a turn-the-key condition. This project is to be accomplished on a land plot owned by the subsidiary of Echo Investment, located in Łódź at Piłsudskiego avenue. The General Executor of Investment shall undertake all legal, administrative and financial activities aiming at realization of the Investment, including, among others, acquiring of a building permit and occupancy permit for the constructed hotel.

Waldemar Lesiak – the Director of Office and Hotel Projects of Echo Investment – responsible for the transaction with Orbis, said: „We are glad, that realizing this project, we shall significantly contribute to two important domains of life in Łódź, that is architecture and development. The modern block of Novotel shall supplement a series of buildings constructed by Echo Investment (Ibis, Silver Screen, Business Center) and attractively close the frontage of Piłsudskiego avenue, while the offer and standard of Novotel will considerably improve the condition of Łódź hotel base.”

According to accepted schedule, designing works shall be carried out taking into consideration agreed changes to the conception. The next stage shall be carrying out of the administrative procedures and obtaining a building permit. The commencement of the project’s realization is planned for IVth quarter of 2010 and its completion – for the IInd quarter of 2012. The hotel will available for guests in June, before the commencement of EURO 2012 tournament.

Changes introduced in the conception pertain to communication and functional solutions and do not affect neither the number of storeys or rooms specified in the initial version.

The contract’s value equals 45,32 million PLN.