House of Julius Meinl is close to completing the purchase of the Ambasador hotel, one of the most famous hotels in Bucharest. The Austrian group is preparing to invest c. €35m in the acquisition and bringing the entire hotel up to the 4-5 star standard.
Upon the completion of the transaction, the plan is to create around 130 accommodation spaces, out of which 40% will be double rooms. The expectation is to obtain the necessary approvals from the mayor's office for the project by the end of the year.
The building, formerly known as Hotel Ambasador, was privatized in 1995. Half of the building is owned by Ambasador SA and is operated as a tourist reception structure with 99 accommodation spaces, catering services, and a conference hall. It is rated as a 4-star hotel. Both building bodies have a constructed area of 6,200m2, and their footprint is 530 m2 each.
Image provided by Fivestar Hospitality.
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