Bragadiru Palace, an important historical building in Bucharest, will become part of a real estate complex whose value is expected to range from 130 and 150 million euros, which will include a hotel, offices and shops.
Managing partner with Construct Finance Consult, which manages Bragadiru Palace, John Vartolomei says we are talks with the developers are being held and a decision will most likely be taken in June.
The overall area covered by Bragadiru Palace stands at 16,000 square meters, with just one room being currently operational, Colosseum Ballroom, which offers 10,000 square meters of floor space and hosts events. The building has eight legal heirs who re-entered its possession in 2003.
A similar case is Carol Parc Hotel, a five-star boutique hotel in Bucharest, which has originally been an old house. Another examples are hotels Grand Boulevard (10-million euro investment), Rembrandt (1 million dollars) and Cismigiu (5 million euros), which are to become operational.