Considering the market history before the pandemic period, Colliers consultants are optimistic about the capacity of the market to recover and that the investors’ interest in this market will again come back in time (though the next few years will certainly prove difficult ones). Some developers continued their hospitality projects and found ways to negotiate with the financing banks, highlighting long-term confidence in this market from financially robust market participants. Such examples are Moxy hotel, opened in July 2020, in the Old City Center by Apex group, and Ibis Style City Center, of 150 rooms, located in Stirbei Voda street, opened by Dentotal in collaboration with Accor hotels in June 2020.
By the end of 2021, Colliers consultants are expected to see the opening of Ibis Airport (85 rooms) and the new luxury hotel Autograph Collection in Bucharest’s Old Town (217 rooms), as they are in an advanced stage of development. Other projects on the radar include a new lifestyle brand, under the Accor umbrella (c. 100 rooms) or Corinthia’s Grand Hotel du Boulevard (50 rooms) or the reconversion of Oscar Maugsch Palace, recently sold by BCR to a group of investors in the hospitality industry, who are expected to announce their strategy in the near future.
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