Deutsche Pfandbriefbank AG (pbb) has granted a EUR 123 million credit facility to investment funds Cerberus Capital Management and Revetas Capital. The financing is intended to refinance the Radisson Blu hotel complex in Bucharest, acquired by the two entities in 2017 from Elbit Imaging for approximately EUR 170 million.
The real estate complex, consisting of the Radisson Blu and Park Inn hotels, comprises a total of 785 rooms distributed across 12 interconnected buildings, with a total built area of around 72,800 sqm. Since 2019, the property has benefited from an extensive renovation and modernization program of the accommodation spaces, the lobby, and the outdoor area, including the opening of NAMI Beach Club and More, a project in which over EUR 25 million was invested.
The refinancing supports the asset portfolio of the two partners. Cerberus Capital Management, founded in 1992, holds global assets of approximately EUR 61.27 billion in credit, private equity, and real estate strategies, while the Revetas Capital platform has over EUR 7.9 billion in managed or developed real estate assets in its portfolio.
At the operational level, the complex is managed through the company Nemo Investment Vehicle. According to data from the Ministry of Finance, the company reported a turnover of EUR 37.63 million, up from EUR 32.86 million in the previous year. However, the company’s losses deepened to EUR 10.51 million, compared to the losses of EUR 8.79 million recorded in 2024.
Regarding the expansion of the Radisson brand in Romania, which currently has four active hotels in Bucharest, Cluj-Napoca, and Brasov, there are certain discrepancies in the data provided by sources. On one hand, the future opening of five hotels in Mamaia, Timisoara, Brasov, Sinaia, and Bucharest is mentioned. On the other hand, an expansion plan of four new hotels in the coming years is specified, located in Bucharest (two units), Brasov, and Constanta.
Frequently Asked Questions
Who provided the refinancing for Radisson Blu Bucharest?
Deutsche Pfandbriefbank AG (pbb) granted a EUR 123 million credit facility to investment funds Cerberus Capital Management and Revetas Capital.
Which hotels are included in the refinanced real estate complex?
The complex consists of the Radisson Blu and Park Inn hotels in Bucharest, comprising a total of 785 rooms across 12 interconnected buildings.
What are the financial results of the complex’s operator?
Nemo Investment Vehicle reported a turnover of EUR 37.63 million, but its losses deepened to EUR 10.51 million.