Romania is a key market for Accor and its strategic partner in Eastern Europe, Orbis Group. There are 11 hotels operating throughout the country today, under Accor brands: Pullman, Novotel, Mercure, ibis and ibis Styles – and the development pipeline comprises 10 more hotels, that will bring 1,450 new rooms to the market by 2022. In 2018, Orbis has reinforced its commitment to the Romanian hospitality by purchasing Mercure Bucharest Unirii for €11 million.
Romania, attractive for hotel investors
From a hotel investor’s perspective, Romania offers more attractive yields than those in West European markets, while maintaining a low risk profile and relatively high liquidity.
“Romania’s rising popularity and attractiveness for international hotel brands is fueled by positive economic perspectives of the country, by its rich history, beautiful nature and rich culture around food and wines. The competition on the hospitality market is growing and it’s part of the game but we’re happy to see that more and more local and international investors decide to work with one of the Accor – world renowned, brands,” explained Frank Reul, Head of Development of Orbis & Accor in Eastern Europe.
Accor and Orbis are open to work on further attractive commercial property projects even outside the classical borders of the hotel business. Since 2017, Accor invests in coworking through a joint venture with Bouygues Immobilier through the NextDoor product, recently transformed into Wojo. Wojo is a ready to use coworking concept and offers 3 types of modules: Wojo Spots – a light version of coworking spaces for hotels, Wojo Corners and Wojo Sites that are stand-alone coworking concepts.
Wojo is popular and renowned co-working brand in France and development plans assume 1,200 Wojo addresses in Europe by end of 2020, of which Bucharest could be part of.