The consolidation and renovation works of the historic Ambasador Hotel building in Bucharest will begin in May, following the issuance of the building permit by the Capital’s City Hall. The property, located on Magheru Boulevard, was fully acquired by the Austrian group Julius Meinl through a complex transaction first announced by the publication Profit.ro. The reopening of the establishment is scheduled for 2027 under the name “The Julius Bucharest”, representing the largest real estate investment in the area in the last five years.<\/p>\n
The modernization project involves an estimated total investment of EUR 30-35 million, a sum that also includes the purchase price, according to Profit.ro sources. The rehabilitation works will last approximately two years and will aim to bring the entire hotel to 4-5 star standards. However, there is a discrepancy in the provided data regarding the final accommodation capacity: one estimate indicates a number of 158 luxury rooms and suites, while another source mentions the creation of about 130 accommodation spaces, of which 40% will be double rooms. The hotel aims for LEED Gold ecological certification and will integrate a gourmet delicatessen shop under the House of Julius Meinl brand.<\/p>\n
The transaction was carried out in two stages, being managed by the real estate division Julius Meinl Living. In the first phase, the group took over the company Ambasador SA, which owned half of the building of approximately 6,200 square meters of built area (a footprint of 530 square meters) and operated the hotel space privatized through the MEBO method in 1995. Subsequently, the remaining shares were purchased from the heirs of architect Arghir Culina, who designed the building in the 1930s. General Mayor Ciprian Ciucu announced that, in the coming period, works will also begin on the neighboring building, the Patria\/ARO Block.<\/p>\n
To finance its regional expansion, Julius Meinl Living, led by Julius Meinl VI, utilizes a bond program listed on the Luxembourg Stock Exchange with a total value of up to EUR 300 million. The Austrian group currently owns properties in Prague and Budapest valued at over EUR 124 million, with the medium-term objective of operating a minimum of 15 hotels. On the local market, the group has a consolidated presence in the food sector through the Kandia and Heidi chocolate brands, as well as in the premium coffee trade.<\/p>\n
This investment comes amid a steady recovery of the Bucharest hotel market. According to the cited Cushman & Wakefield consulting data, the occupancy rate in the Capital reached 66% in 2023, compared to 61% in 2022. The average daily rate (ADR) increased in 2023 to EUR 96 (compared to EUR 86 in 2019), while the revenue per available room (RevPAR) recorded an 18% advance compared to 2022, settling at an average of EUR 64 per night.<\/p>\n
When will the Ambasador Hotel reopen and under what name?<\/strong><\/p>\n The hotel is scheduled to reopen in 2027 under the name “The Julius Bucharest”.<\/p>\n What is the total investment value for the hotel’s modernization?<\/strong><\/p>\n The total estimated investment is EUR 30-35 million, which also includes the purchase price of the building.<\/p>\n What green certification does the new “The Julius Bucharest” hotel target?<\/strong><\/p>\n The hotel aims to achieve the LEED Gold ecological certification.<\/p>\n","protected":false},"excerpt":{"rendered":" The consolidation and renovation works of the historic Ambasador Hotel building in Bucharest will begin in May, following the issuance of the building permit by the Capital’s City Hall. The property, located on Magheru Boulevard, was fully acquired by the Austrian group Julius Meinl through a complex transaction first announced by the publication Profit.ro. The…<\/p>\n","protected":false},"author":0,"featured_media":126057,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2859],"tags":[5471],"thb-sponsors":[],"class_list":["post-126060","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-stirea-editiei-en","tag-julius-meinl"],"article_style_override":"on","post-style":"style2","post_via":[{"title":"profit.ro | 16.05","post_source_url":"https:\/\/www.profit.ro"}],"post-top-image":"https:\/\/rhn.ro\/wp-content\/uploads\/2020\/02\/topstory.jpg","_links":{"self":[{"href":"https:\/\/rhn.ro\/en\/wp-json\/wp\/v2\/posts\/126060","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/rhn.ro\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/rhn.ro\/en\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/rhn.ro\/en\/wp-json\/wp\/v2\/comments?post=126060"}],"version-history":[{"count":0,"href":"https:\/\/rhn.ro\/en\/wp-json\/wp\/v2\/posts\/126060\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/rhn.ro\/en\/wp-json\/wp\/v2\/media\/126057"}],"wp:attachment":[{"href":"https:\/\/rhn.ro\/en\/wp-json\/wp\/v2\/media?parent=126060"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/rhn.ro\/en\/wp-json\/wp\/v2\/categories?post=126060"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/rhn.ro\/en\/wp-json\/wp\/v2\/tags?post=126060"},{"taxonomy":"thb-sponsors","embeddable":true,"href":"https:\/\/rhn.ro\/en\/wp-json\/wp\/v2\/thb-sponsors?post=126060"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}