The company building the Courtyard by Marriott hotel has acquired the former Marmorosch Blank bank building to transform it into a hotel
Lithuanian company Apex Alliance has purchased the former Marmorosch Blank bank building, located near the Hilton Garden Inn it opened last year in Bucharest’s Old Town, with plans to convert it into another hotel.
Marmorosch, Blank & Co Bank, founded in 1848 by Iacob Marmorosch, was the main channel for Western capital entering the Romanian economy. Following the 1930 global economic crisis, Marmorosch Blank Bank became insolvent and could no longer meet deposit withdrawal requests, entering bankruptcy. The National Bank intervened with preferential loans, but Marmorosch was ultimately liquidated in 1948, upon the communist regime’s takeover.
BRD purchased the building in 2004 from RAAPPS for EUR 737,000 and subsequently sold it in 2007 to Doamnei Imobiliare SRL for EUR 10.5 million. Since then, the building, constructed between 1915 and 1923 according to the plans of architect Petre Antonescu, has been left in a state of decay.
Apex Alliance is building the first hotel to be affiliated with Courtyard by Marriott in Romania, located in the northern part of the capital. Apex Alliance has attracted investors including Nerijus Numavicius, the wealthiest person in Lithuania, and his brother Vladas.
Alongside the Numavicius brothers, Apex Alliance—a company controlled by Lithuanian businessman Arunas Beleska—has brought on board Mindaugas Bagdonavicius, one of the founders of the Vilniaus prekyba holding, one of the largest groups in the Baltic region, with activities in retail and the pharmaceutical sector and over 35,000 employees.
The Courtyard by Marriott hotel will be classified as 4-star and will feature 260 rooms and several conference halls, with the total investment estimated at EUR 18-20 million.
In addition to the Courtyard by Marriott hotel, Apex Alliance is also building a 120-room hotel in Bucharest affiliated with Moxy Hotels, a chain also owned by Marriott. This will also be developed in the Old Town.
Both hotels will be inaugurated in 2019.
Furthermore, the new investors will support the construction of four hotels in Bucharest, which will be operated under franchise agreements with the Marriott and Hilton Worldwide brands.
Source: Profit
Frequently Asked Questions
Who is the developer behind the Marmorosch Blank hotel project?
The project is being developed by Apex Alliance, a Lithuanian company with significant investments in the Romanian hospitality sector.
What is the history of the Marmorosch Blank building?
Built between 1915 and 1923, it housed one of Romania’s most important banks until its liquidation in 1948. It was later sold by BRD and left in decay for years.
Which other hotel brands is Apex Alliance bringing to Bucharest?
Apex Alliance is developing Courtyard by Marriott and Moxy Hotels, with plans for further franchise projects under Marriott and Hilton brands.