Romania’s largest hotel chain, Continental Hotels and French hotel group Accor have decided to terminate the management agreement signed 20 years ago for four hotels. According to the mutual agreement, starting with July 1, 2020, four hotels owned by Continental Hotels (Ibis Gara de Nord, Ibis Parlament, Ibis Constanta and Ibis Sibiu) will no longer operate under the Ibis brand, profit.ro reports.

Israeli-owned real estate developer Hagag Development Europe has received the urban planning certificate for the restoration of Știrbei Palace in Bucharest which will be converted into a modern office building.  

Shops, restaurants and hotels have opened again in nearly all of the markets in which the listed real estate investment company S Immo AG operates. Romania was the last to reopen, as the strict restrictions remained in place significantly longer there. However, hotels have been operating without restrictions and all shops have been open here as well since Monday, 15 June 2020. T

Italian group FRI-EL Green Power, a renewable energy producer, plans to invest over €80 million in developing the Ateneo residential project in the Romanian city of Timișoara.

Spanish investment fund Danube Property, which acquired four office buildings in Bucharest prior to the 2008 crisis, plans to sell its last asset on the Romanian market, after selling another one during the state of emergency, profit.ro reports.

Real estate investment company Arion Green has acquired the Global City office complex located in Pipera from Global City Business Park. The transaction was closed at the end of April.

Bucharest has been named one of the top 10 European Tech Cities of the Future for 2020/21, according to fDi and TNW. The Romanian capital ranks as #7 making the Central & Eastern European city with the highest score. Five other cities – Warsaw (#15), Sofia (#20), Prague (#22), Tallinn (#23) and Krakow (#24) have made it into the top 25.

With the ease of travel restrictions imposed by the COVID-19 pandemic, companies begin to resume their activity in the headquarters located in office buildings, but with only 40% of employees in a first phase, according to a survey of Cushman & Wakefield Echinox.

Shopping centres in Romania have reopened on June 15. In total, investments in all equipment, supplies and staff needed to ensure compliance with the safety and social distancing measures that are still needed to prevent the spread of coronavirus. exceed €500,000 for large shopping centres, according to Colliers International consultants. Shoppers will gradually resume their pre-pandemic habits and traffic in the malls could return to normal during the Christmas season.

The two months of isolation and the situation still fragile regarding the danger of infection with the Covid-19 virus will mark their way into the consumption behavior of Romanians, as they will be tempted to choose more outdoor activities and spending their holidays in Romania, according to a study conducted by the real estate consulting company Cushman & Wakefield Echinox and the research company MKOR Consulting.