Timișoara-based entrepreneurs Nicolae Gavra and Sorin Suru, owners of the construction company Timcon, are preparing to transform an unfinished office building in the Băneasa Forest area into a 321-room aparthotel, following an investment estimated at EUR 21.85 million, according to documents analyzed by Profit.ro. This project reflects a broader trend of diversification in real estate investments by Romanian businesspeople in the capital, amid excellent dynamics in the Bucharest hotel market, which recorded the highest growth in revenue per available room (RevPAR) in Central and Eastern Europe in 2025.
Acquired through the company Imobpractic, equally owned by the two investors, the six-story building located at 147 București-Ploiești Boulevard consists of four wings. The project was initially developed between 2009 and 2010 by businessman Dan Tatoiu, whose company entered insolvency in 2012 with debts of approximately EUR 39.51 million. Imobpractic acquired the asset at auction and registered on the creditors’ table with an accepted claim of EUR 5.38 million. The current plan for the 7,889-square-meter land plot aims to reconfigure the structure: the first wing will host a showroom and Class A office spaces, while the remaining wings will be converted into 180 apartments (321 rooms) intended for hotel-style rental. Additionally, the project includes the development of 295 parking spaces, mostly underground.
The two partners are also carrying out other large-scale investments. Through the company Analog Construcții, they have a residential project in the permitting process at 107 București-Ploiești Road, which plans for the construction of over 400 premium apartments with a built area of over 42,000 square meters. Analog Construcții, a company reorganized after an insolvency concluded in 2015, reported a turnover of EUR 5.90 million for 2025. The builder Timcon, which also overcame insolvency in 2017 with debts of EUR 21 million, recorded business of EUR 610.8 thousand in 2025. The portfolio of the two entrepreneurs also includes the Vitalitas Senior Center care facility in Snagov, opened in 2022. In the past, Nicolae Gavra was involved in the sale of the Belgrade cable operator IKOM to KKR for approximately EUR 50 million, as well as the sale of the Analog network in Timișoara to UPC.
The decision to invest in the hospitality segment is supported by the solid performance of the Bucharest market, analyzed by Cushman & Wakefield. In 2025, Bucharest led the region with a 12% annual growth in RevPAR, outperforming Warsaw (9.1%) and Prague (8.3%). The average daily rate (ADR) increased by 6.8%, reaching approximately EUR 110, while the occupancy rate rose by 5%. By 2028, the capital’s supply could expand by 2,000 new rooms across all segments, with announced projects including Hyatt Place & Hyatt House, Swissotel Bucharest, and Novotel Living Bucharest Baneasa. In the transactional segment, the Bucharest hotel market attracted a volume of EUR 46 million in 2025, marking a 180% increase compared to the previous year.
Frequently Asked Questions
What is the value of the new aparthotel investment in Baneasa?
The investment is estimated at EUR 21.85 million to transform an unfinished office building into a 321-room aparthotel.
Who are the investors behind this project?
The project is being developed by Timisoara-based entrepreneurs Nicolae Gavra and Sorin Suru, owners of the construction company Timcon, through their firm Imobpractic.
How did the Bucharest hotel market perform in 2025?
Bucharest led the Central and Eastern European region with a 12% annual growth in RevPAR, an average daily rate (ADR) of approximately EUR 110, and a 180% increase in transaction volume to EUR 46 million.