Iconic BCR Palace in central Bucharest to become 5-star hotel

The Oscar Maugsch Palace, also known as the Palace of the "Generala" Insurance Society or the BCR Palace, an iconic building located in University Square, Bucharest, will be converted into a luxury, 5-star hotel, according to the Bucharest mayor.

Nicușor Dan announced that he has signed the construction permit for the restoration of the Oscar Maugsch Palace on Tuesday, March 18.

"I have signed the construction permit for the restoration of the Oscar Maugsch Palace. This historic monument, located at University Square on Elisabeta Boulevard no. 5, will be transformed into a luxury hotel by investors," he stated.

"I am pleased to see that there are good-faith investors, and we fully support them in obtaining all the necessary documentation for the rehabilitation of historic monument buildings that are emblematic for Bucharest," \Dan added.

The building is owned by the Dayan family, ranked among the wealthiest in Israel. The investment is estimated at EUR 20 million, according to Profit.ro.

The future hotel is promoted under the Sofitel brand.

The Palace of the "Generala" Insurance Society, designed by architect Oscar Maugsch, was completed in 1906, on the site of the former garden of the Suțu Palace, now the Bucharest Municipality Museum. It initially housed one of Romania’s first insurance companies, founded in Brăila in 1832. The Generala Insurance Society was dissolved by the communist authorities in 1948.

The Romanian Commercial Bank (BCR) had its headquarters in the Generala Palace until 2019, when it sold the historic building in University Square to Vivion, a real estate investment fund specializing in hotel assets and office buildings, for nearly EUR 28 million.

(Photo source: Nicusor Dan on Facebook)