Central District Bucharest Hotel – The Crest Collection will be located in the Palace of Parliament area
Bucharest, May 9th 2023 – Forty Management has concluded an agreement for a new hotel development to be operated by The Ascott Limited (Ascott), one of the world’s leading hospitality owners and operators with a presence in over 260 cities in more than 30 countries. Based on this partnership, Forty Management brings this brand to Romania for the first time and it will be operated to the standards of luxury brand The Crest Collection. The construction is expected to begin this fall, with an estimated opening in the first quarter of 2026.
Ascott is present in Asia as its core market, while it continues to expand in Europe, the Middle East, Europe, Africa and the USA. It is owned by CapitaLand Investments, the largest REIT in Singapore and one of the largest in Asia Pacific, with assets in excess of USD 65 billion.
The Central District Bucharest Hotel – The Crest Collection will have 170 rooms and a 360-degree restaurant on the 14th floor, where guests will be able to experience the life, culture and history of the capital in a unique luxury residence. According to the agreement, Ascott will operate The Crest Collection brand for an initial period of 25 years. The value of the investment in the new project is estimated at €22 million. The partnership between Ascott and Forty Management was signed on Thursday in Paris, with Kevin Goh, CEO The Ascott Limited, Marcel Lindt, Development Director for UK and CEE and Ngor Houai Lee, Director for Europe at The Ascott Limited attending the signing. Furthermore, Mircea Draghici, Managing Partner at EST Hospitality, was the management consultant for this project, while Lucian Vitelaru, a highly experienced real estate lawyer, provided the legal assistance.
„We have chosen to capitalize 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”, declared Marcel Lindt, Development Director UK and CEE, The Ascott Limited.
“La Clef Champs-Élysées hotel in Paris will be our milestone when developing this project, given its emphasis on luxury hotel services and fine-dining gastronomy, which will give the place a touch of refinement, art and elegance when it comes to new concepts of life-style,” said Lucian Azoiței, CEO of Forty Management.
Forty Management is recognized as a developer of green urban reconversion projects, and this is the second hotel development in its portfolio after the one within Central District Lagoon City, in partnership with a renowned hotel operator with a global presence.
About Forty Management:
Forty Management is a Romanian developer of premium green mixed-use urban reconversion under Central District brand. Founded in 2015 by real estate entrepreneur Lucian Azoitei, Forty Management distinguishes on the market through the innovation and sustainability approaches of their concepts.
Sustainability and energy efficiency are at the forefront of all our developments. All the buildings developed under the Central District brand have superior certifications in this respect and Forty Management has received multiple awards numerous competitions and conferences in the field, both internationally and locally.
The company is a member of the Romanian Green Building Council (RoGBC), an organisation that promotes environmental responsibility and energy efficiency. All of Central District’s residential developments are certified “Green Homes”.
About The Ascott Limited (Ascott):
The Ascott Limited (Ascott) is a Singapore company that has grown to be one of the leading international lodging owner-operators. Ascott’s portfolio spans over 220 cities across more than 40 countries in Asia Pacific, Central Asia, Europe, the Middle East, Africa and the USA.
Ascott has over 95,000 operating units and more than 65,000 units under development, making a total of over 159,000 units in more than 900 properties. 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.
Ascott, a wholly owned subsidiary of CapitaLand Investment Limited, pioneered Asia Pacific’s first international-class serviced apartment with the opening of The Ascott Singapore in 1984. Today, the company boasts almost 40 years of industry track record and award-winning brands that enjoy recognition worldwide.