Forty Management, controlled by entrepreneurs Lucian Azoitei and Tudor Badicescu, is investing €18 million in a 5-star hotel in the Straulesti area of the capital.
The unit will feature 160 rooms and 100 hotel-serviced apartments and is part of a €100 million real estate project to be developed by the real estate developer on a nearly 4-hectare plot purchased last autumn for €8.2 million.
The Central District Lagoon City project will include, in addition to the hotel component, a residential component with 530 apartments, an 8,000 sqm GLA office building, and 6,500 sqm of commercial space, built around a 20,000 sqm lagoon implemented based on an exclusive Crystal Lagoons license.
The hotel component, developed following an €18 million investment, will be operated under a management contract by an international brand, according to Forty Management.
Frequently Asked Questions
What is the total value of the Central District Lagoon City project?
The total investment for the entire mixed-use project is estimated at €100 million.
Who is developing the new 5-star hotel in Bucharest?
The hotel is being developed by Forty Management, a company controlled by Lucian Azoitei and Tudor Badicescu.
What unique feature will the project include?
The project will feature a 20,000 sqm artificial lagoon implemented under an exclusive Crystal Lagoons license.