Rina Hotels Group, one of the largest hoteliers in the Prahova Valley, has partnered with Israeli real estate investor Shmuely David Hay to operate an aparthotel to be established in the recently consolidated historic building, Brătianu 12, in the old center of Bucharest.
Rina Hotels Group, owned by Sinaia SA, a company with Israeli shareholders, operates 3 hotels with a total of 364 rooms in Sinaia and Bucharest.
Sinaia SA is set to enter into a joint venture with Shmuely David Hay to operate an aparthotel with approximately 40 apartments, to be developed in the historic Brătianu 12 building in the Capital’s old center.
The total investment in this project will be around 3 million EUR, including the cost of the recently completed building consolidation. The investors’ plan is to open the aparthotel in the first quarter of 2024.
The building was designed in a neoclassical style with baroque accents by architect Paul Smărăndescu between 1924-1926.
Rina Hotels Group, led since 2017 by Oryan Ben Nissan, owns the 3-star Rina Sinaia hotel with 243 rooms (45 of which are 4-star); the 2-star Rina Cerbul hotel in Sinaia with 79 accommodation spots; and the 3-star Trianon hotel in Bucharest with 42 rooms.
Shmuely David Hay, in collaboration with his father, Shmuely Yosefh, accumulated apartments and dozens of hectares of land in Bucharest and Ploiești between 2006-2007.
Their first local development was the Titan City Gardens residential complex, completed in 2014 behind IKEA Pallady, and in 2018 they began construction on Otopeni City Gardens, a complex of 152 villas, which is still in progress.
Frequently Asked Questions
Where is the new aparthotel located?
The aparthotel will be located in the historic Brătianu 12 building in the old center of Bucharest.
What is the estimated investment for the Brătianu 12 project?
The total investment is approximately 3 million EUR, which includes the costs for the building’s consolidation and renovation.
When is the aparthotel expected to open?
The partners plan to launch the operation of the aparthotel in the first quarter of 2024.