March 18, 2019

Goldman Sachs sells 4-star hotel in Bucharest in international deal

Goldman Sachs sells 4-star hotel in Bucharest in international deal

U.S. investment bank Goldman Sachs will sell its hotel in Bucharest, K+K Elisabeta, as part of a global deal. The hotel, which the American giant owns together with Highgate Hotels, a hotel management company, will be sold with another nine hotels in Europe, part of the same chain, in a transaction estimated at USD 450 million, according to Profit.ro.

Goldman Sachs entered the Romanian hotel market in 2015 when the group bought the K+K Elisabeta Hotel in Bucharest as part of a larger transaction.

Goldman Sachs and Highgate Hotels acquired the whole Austrian hotel chain K+K, founded in 1961 by the brothers Josef and Helmut Koller, and present in eight European cities: London, Paris, Vienna, Budapest, Prague, Barcelona, Prague, and Bucharest. The ten 4-star hotels have a total of 1,200 rooms. The transaction value was estimated at USD 300-350 million in 2015.

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