Aparthotel developer and operator Julius Meinl Living has acquired the four-star Hotel Ambasador in Bucharest, Romania.
After extensive refurbishment, the 12,600 square meter Hotel Ambasador is planned to re-open as The Julius Bucharest in 2027.
The Julius Bucharest will retain the essence and character of the existing building, with 158 luxury rooms and apartments. The structure of facilities will be similar to the company’s The Julius Prague Hotel.
It is hoped that The Julius Bucharest will be certified to LEED Gold standard.
The Hotel Ambasador was constructed shortly before WWII and opened in 1939 as a landmark Art Deco building in the centre of Bucharest. Hotel operations were interrupted during WWII and in the early years of communism. However, in 1958 hotel operations were restored and have been carried out ever since.
Julius Meinl Living believes Bucharest is an attractive market: In 2023, there were 14.6 million travellers through the city’s airport and luxury accommodation options are significantly underserved.
Funding for the acquisition of the Hotel Ambasador property and its redevelopment is expected to come from the Julius Meinl Living group and senior bank debt. Julius Meinl Living is in negotiations for the senior bank debt to fund the development cost.
Julius Meinl Living is continuing to develop its portfolio of The Julius branded luxury product / low operating cost hotels that comprise mainly apartments and are located in major political and economic capital cities of Europe. It seeks development projects of top-rated hotel properties that the group then operates itself.
It is progressing negotiations for more properties to add to The Julius portfolio.
Julius Meinl Living was assisted in the transaction by Special Properties (brokers), Kinstellar (law), TPA (financial) and Optim Project Management (development).
