Developer buys abandoned building in Bucharest’s historic centre to turn into a 5-star hotel

One United Properties (BVB: ONE), a leading green investor and developer of residential, mixed-use, and office real estate in Romania, purchased an unfinished, abandoned building in the historic centre of Bucharest to transform it into a 5-star lifestyle hotel - One Plaza Athénée. The value of the transaction amounts to EUR 13.5 million, and the gross development value is estimated at EUR 48 million.

The building is located on Georges Clemenceau Street near the Romanian Athenaeum. The gross buildable area is 10,154 sqm, of which 6,410 sqm above ground and the difference in 3 basements, on a plot of land with an area of ​​1,361 sqm.

One United said it plans to reauthorize and complete the abandoned construction, which will be transformed into a luxury hotel. One Plaza Athénée will comprise approximately 100 5-star hotel rooms, as well as a swimming pool, spa, restaurants, and other facilities on the ground floor. The inauguration is estimated for 2025.

Victor Căpitanu, the co-founder of One United Properties, said the company is negotiating with several global hotel brands for the operation of the future hotel with a multi-year contract.

On the same street, One United Properties acquired in 2021 the famous Braikoff House, classified as a historical monument, which is in the process of being completely restored and transformed into One Athénée, a luxury residential development with commercial components.

"Due to the way it was designed, Georges Clemenceau Street offers privacy and hosts only a few properties, two of which are already included in the One United Properties portfolio for renovation and re-entry into the real estate circuit," reads the press release.

In December 2022, the company also acquired three more historic buildings in the city's centre, on Academiei Street, to restore and transform them into a new development - One Downtown.

In addition, in March 2022, One United Properties acquired another historical monument - the former Ford factory, located within One Floreasca City, which is currently undergoing restoration and will be transformed into a retail space called One Gallery.

One United Properties is listed on the Main Market of the Bucharest Stock Exchange, with the symbol ONE and its shares are included in multiple BET and STOXX indices, the FTSE Russell Global All-Cap index, which follows the most liquid shares in the world, and the FTSE EPRA Nareit EMEA Emerging index, which tracks the evolution of companies in the real estate sector in emerging markets.

(Photo source: One United Properties)