Revetas Capital announced the successful completion of the refinancing of the Radisson Blu Hotel Complex in the heart of Bucharest. The hotel complex is owned by Revetas Capital together with funds and accounts managed by Cerberus Capital Management. The €123 million refinancing facility was underwritten by Deutsche Pfandbriefbank AG, acting as sole arranger and lender with whom Revetas has a long-standing relationship. The facility – the largest financing ever completed for a hospitality asset in Romania – was signed and closed at the end of June 2026, less than five months after the refinancing process was launched.
The €123 million refinancing reflects both the exceptional scale of the asset and the depth of institutional confidence in Bucharest’s recovery as an emerging hospitality destination.
The transaction also carries a broader significance for the Romanian market. pbb – a specialist European real estate financing bank without a retail presence in Romania – underwrote the entire facility. In a period when large-ticket real estate financing in Romania has been provided almost exclusively by banks with local operations, this transaction demonstrates that major international lenders are once again prepared to finance large tickets in the country when the project fundamentals, the market positioning and the forward prospects of an asset are compelling. It is the second project pbb has financed with Revetas and Cerberus.
The refinancing marks the conclusion of a multi-year repositioning of one of Bucharest’s most significant hospitality assets. The hotel complex comprises two internationally branded hotels – a Radisson Blu and a Park Inn – offering 835 rooms across multiple interconnected buildings with a total built area of approximately 86,000 sqm, set around a central courtyard with fitness and entertainment venues. Since 2019, the complex has undergone a comprehensive refurbishment programme with a reconstruction budget exceeding €30 million, delivering fully modernised rooms, conference facilities, restaurants and expanded guest amenities across the property. The investment programme was matched by equally active management of the capital and operating side of the business – successive restructurings and simplifications of the capital structure, a disciplined ongoing capital expenditure programme and hands-on asset management initiatives – culminating in the consolidation of the previous financing arrangements into a single facility from one institutional lender.
The Radisson Blu Hotel Bucharest was named Romania’s Leading Business Hotel at the World Travel Awards in both 2023 and 2024, and in 2025 became the first five-star hotel in Bucharest to achieve BREEAM In-Use “Excellent” certification – one of only ten hospitality properties in Romania to hold the distinction.
Executing a financing of this scale and complexity – a cross-border transaction involving multiple parties and jurisdictions, and the largest hospitality financing ever concluded in Romania – from launch to closing in under five months is an exceptional result. It was made possible by the close cooperation of the Revetas and Cerberus teams and the legal and financial advisers working on all sides of the transaction.
Vlad Dragoescu, Partner – CEE Head of Portfolio Management at Revetas Capital, commented: “This refinancing is a reflection of what the asset has become – and reaching this point took sustained commitment through some genuinely difficult years. COVID disruption, energy cost pressure, higher financing costs, geopolitical headwinds in key feeder markets: at each stage, the decision was not to pause and wait, but to keep improving the asset while the market was still facing uncertainty. In my experience, resilience in real estate is not about holding on – it is about continuing to implement asset management initiatives to improve the asset’s offering, so that when recovery comes, you are ready to capture it. The fact that Deutsche Pfandbriefbank underwrote this refinancing as sole lender – the largest single hotel asset refinancing in Romania – says everything about the quality of the asset and the conviction behind the plan. And in a year when investment volumes across Romania have remained subdued, this refinancing confirms something equally important: that prime hotel assets in Bucharest are increasingly compelling to European institutional lenders. Finally, none of this happens without people – completing the largest and one of the most complex hospitality financings Romania has seen, in under five months, is a tribute to our team, our partners at Cerberus and pbb, and the advisers who worked tirelessly on all sides of the transaction.”
Wolf Theiss acted as legal counsel to the borrower, while Kinstellar acted as legal counsel to pbb. Sentient was appointed as technical advisor to pbb.
