Luxury hotels for sale – Bucharest, Romania
Grand Hotel du Boulevard, owned by Romanian businessman Nicolae Dumitru (best known for ownership of Dragonul Rosu shoping complex) is a historical downtown hotel which has been under renovation for more than 4 years. The initial opening estimate was early 2009, yet due to the highly exposed residential real estate businesses of the group is currently uncertain for a completion date. Market sources indicated the hotel is for sale for an estimated EUR 40 million. The property seems to be half way through its renovation process and a minimum one year is needed for completion.
Another centrally located hotel, LIDO Hotel has been successfully reclaimed by its former owners, following an 8 year law suit. The new owners have priced the property at a staggering EUR 80 million, according to sources at major real estate agencies. The hotel is currently closed and renovation works are set to start once a buyer is found.
A third property with a luxury potential is the Cismigiu Hotel, currently owned by Spanish real estate developers HERCESA, which is looking for a partner or tenant for the entire building. The annouced plans are for an apart-hotel, yet we believe an upscale luxury hotel could be developed on the premises.