NEPI Rockcastle, the largest real estate investor in Romania by asset value under management, has signed an agreement in principle with Lithuanian operator Apex Alliance Hotel Management to manage a new 4-star hotel in Bucharest. According to information published exclusively by Profit.ro, the unit will operate under the Hampton by Hilton brand and will be built as part of the expansion of the Promenada mall, located in the office area in the north of the capital. This will be the first Hampton-branded hotel in Bucharest and the third Hilton brand managed by Apex on the local market.
According to Profit.ro data, Apex Alliance won the competition to operate the hotel against the Baltic group Mogotel, which had proposed the Radisson RED brand. The new accommodation unit will occupy an area of about 10,000 square meters, representing approximately half of the building under construction, and will have around 200 rooms. The delivery deadline for the building is the end of next year, with the operator needing up to 6 months to equip and launch the hotel.
The Promenada mall expansion project represents a total investment of EUR 282 million, a high amount partly due to the seven-level underground parking lot with 1,600 spaces, the deepest in Romania. Initially, NEPI had planned a building with 27,500 square meters of offices out of a total of 58,400 square meters. However, the company decided to reduce the office space to 14,000 square meters to integrate the business hotel and new commercial spaces as an extension of the mall. Upon completion, the total value of the Promenada complex will reach nearly EUR 500 million. Currently, the mall has an area of 39,300 square meters, a value of EUR 232 million, and generates annual rents of EUR 15.2 million.
NEPI Rockcastle’s global portfolio is valued at EUR 8.1 billion, with the Romanian market representing 35% of it. Separately, the company is preparing to start construction on a new Promenada mall in Galați, a project in the final licensing phase. On the other hand, Apex Alliance operates 6 hotels in Bucharest with a capacity of over 1,100 rooms, investing around EUR 120 million locally. The group recorded revenues of EUR 50 million in 2024 and estimates an increase of EUR 5 million in 2025. Recently, Apex sold the Hilton Garden Inn Bucharest Airport hotel to Yellow Tree and is set to open Hilton Garden Inn Brașov. Also in 2024, the company partnered with the owners of Dedeman to acquire the 5-star Waldhaus Flims complex in Switzerland.
Frequently Asked Questions
Where will the first Hampton by Hilton hotel in Bucharest be built?
It will be built as part of the Promenada mall expansion, located in the office area in the north of the capital.
Who will manage the new hotel and how many rooms will it have?
The hotel will be managed by the Lithuanian operator Apex Alliance Hotel Management and will feature approximately 200 rooms.
What is the total investment value for the Promenada mall expansion?
The total investment is EUR 282 million, which includes a seven-level underground parking lot.