Three Middle East bidders for Hilton Garden Inn hotel in Bucharest

Three investors, all of them from the Middle Eastern, vie for the acquisition of the Hilton Garden Inn hotel in downtown Bucharest (Old Center) from Apex Alliance of Lithuania. The asked price is EUR 43 million, which all of the three bidders have already accepted to pay, sources in the hospitality market told local Profit.ro.

The three investors come from Dubai, Qatar, and Abu Dhabi. The winning bidder will most likely be announced this summer.

Just a year and a half after opening the Hilton Garden Inn in the Old Center, Apex Alliance is very close to selling it for a price nearly twice as high as the money invested in the project.

The hotel was put up for sale a few months ago, and more than 30 companies and foreign investment funds have expressed interest. Out of them, only three were willing to pay the asking price of EUR 43 million: a Dubai company, one from Doha, and one from Abu Dhabi, all controlled by Sheikhs of the Middle East.

Classified as a four-star hotel, the first Hilton Garden Inn in Bucharest has 201 rooms, five conference rooms with a total of 300 seats, a restaurant, a bar, and a fitness room.