Romania: Hospitality operator The Ascott Limited has partnered with developer Forty Management to open a hotel in Bucharest under the luxury brand Crest Collection.
The estimated €22 million project will be developed in the Parliament Palace area of Bucharest, with construction expected to begin this autumn. The 170-room hotel is set to open in the first quarter of 2026.
When complete, The Central District Bucharest Hotel – The Crest Collection will be operated by Ascott for an initial period of 25 years.
Marcel Lindt, development director UK and CEE, The Ascott Limited, said: “We have chosen to capitalise on the potential of the luxury hotel market in Bucharest, and we are delighted to be setting up this new project together with Forty Management, one of the most innovative companies in Romania in terms of sustainable, mixed-use real estate developments.
“We are also laying the foundations today for a successful long-term partnership with Forty, based on shared values of perseverance, integrity, courage and passion to create extraordinary things,” Lindt added.
The Ascott Group is owned by CapitaLand Investments that has assets in excess of US $65 billion. The company’s core market is in south-east Asia and has presence in India, Vietnam, Australia, Europe and the US.
Ascott has over 94,000 operating units and more than 64,000 units under development. The company’s serviced apartment, coliving, and hotel brands include Ascott, Citadines, lyf, Oakwood, Quest, Somerset, The Crest Collection, The Unlimited Collection, Préférence, Fox, Harris, POP!, Vertu and Yello.
Forty Management is a Romanian developer of green, mixed-use urban reconversion under the Central District brand. It was founded in 2015 by real estate entrepreneur Lucian Azoitei. The Bucharest hotel is the second development in its portfolio.