Bucharest’s former BCR Palace set to become luxury hotel

The former BCR Palace building, located in Bucharest’s central University Square, is set to become a luxury hotel and undergo a transformation that will take several years.

The building faces the University of Bucharest and will be transformed into a 5-star hotel, after a renovation that is expected to be completed by the end of 2027. The renovation will be made possible through a EUR 20 million investment made by the new owners, the Dayan family, one of the wealthiest families in Israel. The family bought the historic building in University Square in 2019 for a total price of nearly EUR 28 million, according to Newsweek. 

The BCR Palace in University Square, formerly known as the Generala Palace, was built in 1906 following the plans of architect Oscar Maugsch with a total area of nearly 17,000 square meters. The building was located in the former garden of the Sutu Palace, now the Bucharest City Museum, and was intended to house the headquarters of one of Romania's first insurance companies, Societatea Generală de Asigurări. The main shareholder of "Generala" was Marmorosch Blank Bank, the most important bank at the time, with its own headquarters nearby on Doamnei Street. The company lasted until 1948 when it was dissolved by the nationalization law, and the building became state property. After the Revolution, it served as the central headquarters of Banca Comercială Română. 

The hotel will have a total of approximately 157 rooms, spread over three floors and an attic. The ground floor's internal courtyard between Sections A and B will be covered with a glass skylight, transforming it into the hotel's lobby. The ground floor will also include spaces for restaurants, an event hall, meeting rooms, and a spa area in the basement, according to the documents submitted by the investor to the authorities. 

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(Photo source: BCR)