Although ROMEX Investments was founded fairly recently in 2008, the story of the start of the development of their luxury holiday apartments in Austria goes back much further:
“A few years ago, we met an Austrian couple who owned a hotel in Tirol, Austria. The hotel was very out of date, however, and financially there wasn’t much life left in it. It would have been necessary to invest millions to ensure that the hotel became at least somewhat profitable.
We then (at the start of 2006) made the suggestion to stop running the place as a hotel, but to convert the building into luxury and modern holiday apartments, which could then be sold to (mainly) foreigners.
This truly was a good idea, but it was easier said than done. Aside from the technical problems involved in the conversion, we were also confronted with plenty of legal problems.
The problem is, that Austria is divided into provinces (cantons), which all have their own legislation. During our first project Residence Zillertal in Gerlos, we were confronted with Tirol legislation, which is completely different from European legislation. Eventually, after more than a year, and thanks to an excellent legal contacts network, we managed to achieve a good and workable compromise with the authorities. We finally received the building permits, launched a marketing campaign, and were able to start selling. By that time, it was autumn in 2007!