London, 2 December 2009 - Soric International has been engaged to secure an international brand and management structure for the luxury Vendôme Palace & Galerie hotel, which is located in a prime location in central Bucharest in Romania.
Due to open in 2011, the new-build 97-room property has been designed in the traditional style of grand European hotels and will be positioned as a five-star plus hotel/trophy asset.
“Being unencumbered by brand or management, this asset provides an ideal opportunity to consider a leading global brand and management structure,” says Giovanna de Barba,senior vice president, Soric International - Milan office.
The property will have 96 rooms, a presidential suite, meeting room, restaurant, bar and retail outlets. There will also be a large spa, underground parking and a number of retail outlets.
In recent years, Bucharest has undergone significant economic growth, much of it underpinned by a construction boom, with the development of high-rise office and residential buildings and shopping malls. The country’s tourism industry is expected to grow by 6.7 per cent between 2009 and 2018, although currently, business represents around 85 per cent of the hotel market. Condé Nast Traveller magazine cited a similar hotel in Bucharest amongst its ‘hot list’, indicating that demand at the top end has yet to be fully exploited.
Bucharest’s hotel sector remains strong and continues to be an attractive location for hotel chains and developers. Hotel supply increased by 30 per cent in 2008, with new hotel openings including Rin Grand, Bucharest Radisson, Ramada Plaza and Hello. It is expected that a further eight hotels in the four and five-star sector will have opened in the city by the end of 2011.
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Soric International provides specialist hotel real estate and related advisory services to the hotel industry, including brokerage, financing, branding, operations and development. The Company has offices in London, Paris, Milan and New Delhi, with a new office due to open in Dakar in 2010. The company is also working on deals in London, Scotland, Sardinia, Rome, Milan and Indonesia.
1 Thames Point
London SW6 2SX
Tel +44 (0) 207 100 2024
Giovanna de Barba, Soric International, VP Italy, 00 39 333 396 7193, [email protected]