The Dayan family is transforming the iconic former BCR Palace in the center of the capital into a 5-star hotel, following an investment estimated at 20 million EUR.
Ranking among the most prosperous families in Israel, the Dayan family is preparing the consolidation and restoration of the Oscar Maugsch Palace historical monument, located in the center of the capital, purchased in 2019 from Banca Comercială Română and its transformation into a 5-star hotel.
The Dayan family purchased the historic building in University Square for a total price of nearly 28 million EUR, with the transaction amount exceeding the appraisal value by almost 40%.
Now, the real estate developer is ready to invest an additional approximately 20 million EUR in the consolidation, restoration, and reconfiguration of the palace.
The hotel will feature a total of approximately 157 rooms, spread across three floors and an attic. On the ground floor, the inner courtyard between Blocks A and B will be covered with a glass skylight, being transformed into the hotel’s access lobby.
The ground floor will also include spaces for restaurants, an events hall, meeting rooms, and a SPA area will be located in the basement.
The property is listed in the Register of Historical Monuments as the Banca Comercială Română, formerly the “Generala” Insurance Company Palace, dating back to 1906. The building is a Class A historical monument.
Frequently Asked Questions
Who is developing the new hotel at the former BCR Palace?
The project is being developed by the Dayan family, one of Israel’s most prosperous families, who acquired the building in 2019.
What is the total cost of the project?
The total cost includes an acquisition price of 28 million EUR and a further investment of 20 million EUR for restoration and consolidation.
What are the main features of the upcoming hotel?
The 5-star hotel will offer 157 rooms, a glass-skylight lobby, restaurants, meeting rooms, and a dedicated SPA area in the basement.