Forty Management has concluded an agreement for a new hotel development to be operated by Ascott Limited (Ascott), one of the world’s leading hospitality owners and operators, with a presence in over 260 cities across approximately 30 countries.
Based on the partnership, Forty Management is bringing this brand to Romania for the first time, to be operated under the luxury standards of The Crest Collection. Construction is estimated to begin this fall, with the opening expected in the first quarter of 2026.
The Central District Bucharest – The Crest Collection hotel will feature 170 rooms and a 360-degree restaurant on the 14th floor, where guests can experience the life, culture, and history of the capital in a unique luxury residence. Under the management agreement, Ascott will operate The Crest Collection brand for an initial period of 25 years.
The investment value in the new project is estimated at EUR 22 million, with the partnership between Ascott and Forty Management signed in Paris, attended by Kevin Goh, CEO of The Ascott Limited, and Marcel Lindt, Director of Development for The Ascott Limited UK and CEE.
Forty Management is a Romanian developer of mixed-use real estate projects and green urban reconversion, created under the Central District brand.
Ascott is a Singapore-based company that has grown to become one of the leading international owner-operators of accommodation units. Portfolios of Ascott comprise accommodation units in over 220 cities across more than 40 countries in Asia-Pacific, Central Asia, Europe, the Middle East, Africa, and the USA.
Ascott has over 94,000 operational units and more than 64,000 under development. Among the serviced apartment, co-living, and hotel brands of the company are Ascott, Citadines, lyf, Oakwood, Quest, Somerset, The Crest Collection, The Unlimited Collection, Préférence, Fox, Harris, POP!, Vertu, and Yello.
Frequently Asked Questions
When is the official opening for The Crest Collection in Bucharest?
The hotel is expected to open in the first quarter of 2026, with construction starting in the fall of 2024.
What is the investment value for the new Ascott hotel project?
The total investment for Central District Bucharest – The Crest Collection is estimated at 22 million euros.
What unique amenities will the new hotel offer?
The luxury hotel will feature 170 rooms and a signature 360-degree restaurant located on the 14th floor.