Following a €15m refurbishment, Hotel Cismigiu in Bucharest is now open for business. The Spanish developer Hercesa which owns the hotel hopes to generate €1.5m in revenue in 2013.
Hercesa bought the 100-year-old building in 2004 and started reconstruction work in 2008.
Hotel Cismigiu now offers guest rooms, as well as office and commercial space.
The building’s ground floor is fully leased to the Cervantes Institute in Bucharest and a Humanitas library bookstore. Next year, the Gambrinus Brewery will also open on the ground floor.
The brewery will reopen in partnership with Heineken. The 200 sqm unit was rented by local businessman Ion Borzea who also owns Bucharest’s Kristal Club. Hotel Cismigiu will also feature 60 apartments and seven conference rooms. Georgeta Grecu, the hotel’s general manager, expects an average occupancy rate of about 50 to 55 percent in the first year.
The sixth floor of the building will house a 400-sqm rooftop restaurant. The space hasn’t been leased yet, but the owner hopes to open the restaurant in early 2013.
