The Austrian company Immofinanz is preparing the necessary documents for the construction of a hotel within the Iride office complex, located across from the Pipera metro station, on the same street as the recently inaugurated Courtyard by Marriott.
The hotel will have 11 floors and will be located next to the new myhive building, part of Iride in Pipera.
In 2014, Immofinanz began the expansion of the Iride business park. A new office building was developed under the myhive brand, with the potential to expand the complex with other buildings, and last year the renovation of certain old buildings began. The initial expansion project also included the construction of an 11-story hotel with 140 rooms.
Immofinanz has real estate projects worth 95 million EUR in preparation locally, nearly half of the amount calculated at the group level, according to the company’s latest financial report.
In the first three quarters of 2019, the 17 functional properties in Immofinanz’s Romanian portfolio generated rental income of 34.1 million euros, a value identical to that of the previous year.
The hotel design market in Romania has grown in recent years, and the demand for such projects increased by 50% in 2018 compared to the previous year, Eliza Yokina, senior partner of the Cumulus architecture office, recently stated.
Source: Profit
Frequently Asked Questions
Where will the new Immofinanz hotel be located?
The hotel will be built within the Iride office complex in the Pipera area of Bucharest, near the Pipera metro station.
How many rooms and floors will the hotel have?
According to the initial expansion project, the hotel is planned to have 11 floors and 140 rooms.
What is the value of Immofinanz’s local projects in preparation?
Immofinanz has real estate projects worth approximately 95 million EUR in preparation in Romania, representing nearly half of the group’s total pipeline.