LONDON and NEW YORK, Dec. 28, 2017 — Revetas Capital Advisors LLP ("Revetas") and Cerberus Capital Management, L.P. and its affiliates ("Cerberus") today announced the acquisition of Project Nemo, a leading hotel complex with approximately 86,000 sqm of gross leasable area in a prime location in Bucharest, Romania. The complex includes the Radisson Blu and Park Inn hotels, featuring a total of 697 guest rooms operated by the Rezidor Hotel Group, as well as approximately 7,500 sqm of prime retail space anchored by high-end tenants such as Burberry and Hugo Boss.
The acquisition aligns with both Revetas and Cerberus' strategies of identifying quality real estate properties and applying investment and operational expertise to make them even more valuable. The investment in Project Nemo is further supported by the portfolio's existing leadership position within the growing Romanian market — the Radisson Blu and Park Inn are widely recognized as the best hotels in Bucharest within their category.
Commenting on today's announcement, Eric Assimakopoulos, Managing Partner at Revetas, said, "Project Nemo is one of the most compelling hospitality and retail assets in the CEE region. As the fastest growing economy in the EU, Romania offers tremendous upside potential. We look forward to increasing the value of these properties in partnership with Cerberus."
Lee Millstein, Global Head of Real Estate at Cerberus, said, "Together with Revetas, we see a strong opportunity to apply our collective real estate asset management expertise to the Project Nemo portfolio. These properties are well poised to benefit from a number of macro trends driving economic growth in Romania. We are excited to bring long-term capital and operational expertise to help the portfolio and its tenants succeed."
