Orco moves out of hotels

Not content with its five-star Le Regina hotel and luxury Residence Diana apartments (see page 10), it now intends to expand into the commercial sector. Orco's director, Matthew Freney, said that in 2004 the company purchased two housing projects on ul. Majolikowej and Skarbka z Gór in the Białołęka district in Warsaw. Combined, the two developments consist of 500 apartments with construction scheduled for completion by 2007. It has also acquired the City Center shopping center on ul. Złota near Dworzec Centralny in Centrum, and will not stop there. "We can buy projects in development-stage estates, which require further investing, and not limit ourselves to purchasing financial transfers," said Freney.