March 28 (SeeNews) - Maltese hospitality group Corinthia Hotels said on Wednesday it has signed an agreement with NIRO Investment Group for the revamping and reopening of former Grand Hotel du Boulevard in Bucharest.
Corinthia Hotels will act as an operator of the hotel, according to the agreement signed with owning company NIRO Investment Group, Corinthia Hotels said in a press release.
Located in the central part of Romanian's capital, the former Grand Hotel du Boulevard will open its doors again on December 1, 2019. Erected in 1867, the building was last used as a hotel over a decade ago. Now, it will now undergo extensive refurbishment, with works expected to commence in the second quarter of this year.
QP Management, a sister company of the Corinthia Hotels group, will support the developers with project management and cost management services.
Corinthia Grand Hotel du Boulevard Bucharest will offer over 50 rooms and suites,a grand ballroom, boutique meeting spaces, and luxury amenities.
The transaction was advised by Beaufort Global, an investment, development and asset management firm based in Dubai, UAE.
Corinthia is a collection of luxury five-star hotels founded by the Pisani family of Malta in 1962. Since 2000, Corinthia has evolved into a multifaceted public company, trading as International Hotel Investments plc, which is the owner, developer or operator of each Corinthia Hotel.
NIRO Investment Group is a fully privately owned Romanian group of companies with over 20 years of expertise in investments, development and asset management.
Considered an iconic landmark property in Bucharest, the four-storey Grand Hotel du Boulevard was originally designed by famed Romanian architect Alexandru Orascu and is classed as a monument of culture and architecture by the Ministry of Culture. Sitting at the crossroads of Calea Victoriei and Bulevardul Elisabeta, the hotel was at the core of Bucharest’s social scene for many years, according to the press release.