Accor Signs Management Agreement with ASIC to Open First Novotel Living in Bucharest

Main Photo: The new Novotel Living, the first in Eastern Europe

Date: May 2021

Location: Baneasa, Bucharest, Bulgaria

Name: The Novotel Living Bucharest Baneasa – opening Q3 2023

No. of Keys: 150 apartments

Seller: TBA

Buyer: Accor had signed a management agreement with ASIC, a joint-venture between Ion Catutoiu, a developer acting in different industries, and Andrei Stanciu, the CEO of Somet Group, a well-known construction company, for an extended stay hotel with 150 units under Novotel Living brand, the first hotel of its type to be opened in Eastern Europe.

Novotel Living Bucharest Baneasa is positioned just across Bucharest’s largest retail area, Baneasa Shopping City. The area developed significantly in the past years and shows great potential for this type of concept, due to the strategic location between the largest corporate hub in the north, Romexpo, and the Pipera area, which is under continuous development. The hotel is the first of its type in Eastern Europe and will open in Q3 2023.

The new hotel will have 150 units, different room types with kitchenette and a flexible space to work. The ground floor will take the shape of a living social hub, to eat, drink, meet and socialize which will comprise of an open space with grab & go healthy food. Other facilities include an all-day dining area, a “cinema” room, modular meeting space, a fitness room, a large parking and a beautiful external green space, for outdoor urban events dedicated to the hotel guest and for the community around the hotel location.

“We are glad and grateful to partner with ASIC for the first Novotel Living in Easter Europe. We believe in the success of such business model in view of the location and the concept. Its result will be a strong and resilient product, which will attract not only the residents but also the local community due to its amazing mix of facilities and types of stays” – says Catalina Rosu, Development Director Romania-Bulgaria-Moldova and Czech Republic.

“We chose to work with Accor on this project because of their exceptional ability to reinvent the hospitality business, to adapt to the ever-changing circumstances and to bring new and surprising products and services to the market. Our development know-how, the great location, combined with the attractiveness of a well-established brand such as Novotel and the power of Accor’s sales and marketing tools are the key ingredients which will turn Novotel Living Bucharest Băneasa into a landmark for the capital city, in the extended stay business.” stated Ion Catutoiu.

Novotel Living is one of Accor’s Extended Stay brands, which brings a co-living experience to serviced apartment category. Thus, the Novotel Living hotels offer solutions for longer stays from studios to 2-bedroom apartments with small social hubs open to locals and relaxed co-living spaces for residents, called “Club Houses”. The modularity of the areas and functional design are key to the brands philosophy, trying to make everyday moments matter.

THPT Comment: Accor has been late into the extended-stay market, but appear to be catching up….well done.

First Seen: Accor press release

The Hotel Property Team (THPT) is a small group of highly experienced business professionals. Between us, we provide a range of skills and experience which is directly relevant to those involved in the hotel property market.

For more information – Visit www.thpt.co.uk or email info@thpt.co.uk.