Date: March 2018
Location: Bucharest, Romania
Name: Grand Hotel du Boulevard, five star – to re-open December 2019
No. of Keys: 50
Buyer: NIRO Investment Company, who have appointed Corinthia Hotels of Malta to operate…Built in 1867, the listed building was last used as a hotel over a decade ago and will now undergo extensive refurbishment to re-open as a Corinthia.
The hotel follows Corinthia’s tradition of restoring 19th century grand hotels across Europe, with the Corinthia Hotel London, originally built as the Metropole Hotel c1900, which was commandeered by the Ministry of Defence in WW1 (and WW11) and then ran as their offices in the 1950s;
…and the Corinthia Hotel Budapest, formerly the Grand Hotel Royal, and the Corinthia Hotel St Petersburg, Russia – are all 19th century landmark properties which have been acquired, redeveloped and relaunched by Corinthia Hotels.
In Brussels, the former Grand Hotel Astoria was acquired in 2016 and works are currently underway to transform the property back to its original splendour.
In Bucharest, Corinthia Hotels’ role will be that of operator under terms of a management agreement signed on the 5th March 2018 with owning company NIRO Investment Group.
QP Management, a sister company of the Corinthia Hotels group, will support the developers with project management and cost management services. Works on the refurbishment are expected to commence in Q2 2018.
The transaction was advised by Beaufort Global, a leading Investment, Development & Asset Management firm based in Dubai, UAE.
THPT Comment; Compared to the new-build large conference hotels that Corinthia is known for, delighted to see that they have continued the restoration of classic old buildings such as Bucharest.
First Seen: Corinthia website