News Article Balvanyos Resort Bucharest Cushman & Wakefield Echinox InterGlobe K+K Elisabeta Romania Szarvadi Vitalis Consulting Wolf Theiss
by Property Forum | Hotel

The 4-star K+K Elisabeta hotel located in the Bucharest city center has been sold to Lorand and Zsuzsanna Szarvadi, the owners of the Balvanyos Resort & Spa in Covasna for an undisclosed sum. 

The project featuring 67 rooms and guest facilities was opened by the Austrian-based Koller brothers and had been owned since 2019 by InterGlobe, an Indian conglomerate active in the aviation, hospitality and tourism sectors. Following the transaction, the hotel will be rebranded as Peakture. 

“We are very optimistic about the future of the Romanian tourism in general, and to the hotel industry in Bucharest in particular. The number of foreign tourists visiting our capital city is growing exponentially, as we aim to address this segment with Peakture, while also focusing on the customers arriving for business purposes,” said Lorand Szarvadi, shareholder of Balvanyos Resort. 

InterGlobe was assisted in this transaction by Cushman & Wakefield, along with the Wolf Theiss law firm and the Vitalis Consulting project management firm (TDD vendor). The buyer was assisted by Vulpoi & Toader Management, Carmen Călin and Alexandru Mnohoghitnei. 

Aside from Balvanyos Resort & Spa, the Szarvadi family owns several restaurans and wine shops in Bucharest. 

Cristi Moga, Head of Capital Markets at Cushman & Wakefield Echinox, pointed out that the Bucharest hospitality market has quickly recovered after the pandemic and has a significant growth potential, supported by both the business and the leisure segments.