One United Properties continues its investments in urban regeneration with a new acquisition: an unfinished, abandoned building in the historic centre of Bucharest, which will be transformed into a 5-star lifestyle hotel – One Plaza Athénée. The value of the transaction amounts to EUR 13.5 million.
The purchased building is located on 8-10 Georges Clemenceau Street, near the Romanian Athenaeum, and the gross development value is estimated to EUR 48 million. 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. The developer’s intention is 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 and will benefit from the highest quality related services such as swimming pool, spa, restaurants, and other facilities on the ground floor. The inauguration is estimated to take place in 2025.
“We are delighted by the acquisition of an unfinished, abandoned building located in an area with a special history of the city. We are thus able to increase our company’s efforts to get involved in the regeneration of the centre of Bucharest. One Plaza Athénée will become a landmark development on the 5-star hotel map. We are negotiating with several global Hotel brands, for the operation of the hotel with a multi-year contract. Located right in the heart of the city, the future lifestyle hotel will offer plenty of commercial, cultural and entertainment options just a few steps away,” said Victor Căpitanu, co-founder of One United Properties.
