Hotel Cișmigiu, owned by Hercesa Romania, recorded revenues of €1.9 million and an occupancy rate of over 78% in the first 11 months of 2023

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Hotel Cișmigiu, owned by Hercesa Romania, recorded revenues of €1.9 million and an occupancy rate of over 78% in the first 11 months of 2023

 

  • In 2023, the year in which it celebrates 111 years of existence, Hotel Cișmigiu had 40% tourists in the leisure segment, and 80% of visitors were foreigners.

Hotel Cișmigiu, part of the Hercesa Romania portfolio since 2004, recorded increases in all relevant indicators in 2023.  Revenues increased by 15% compared to last year, occupancy was 78% compared to 70% in 2022, Average Daily Rate (ADR) increased by 15% compared to 2019, and double occupancy was 1.4.

For Hotel Cismigiu, 2023 was the best year ever. Not only did we recover, but we also surpassed the level of 2019, a benchmark year before the pandemic, in terms of occupancy and revenue„, said Mirela Cojocaru, general manager of Hotel Cișmigiu. „This year the percentage of tourists from the leisure travel segment increased to 40% of the total, with the business segment remaining the majority. At the end of November, tourists from Israel, an important part of the leisure segment, started to return after their numbers had dropped in October, with the outbreak of war„, added Mirela Cojocaru.

The corporate events segment, served by Hotel Cișmigiu through five conference rooms with capacities ranging from 30 to 70 people and an amphitheatre, has not fully recovered compared to 2019, with many of these events still taking place online.

The year 2023 was not without its challenges, even though we recorded, both at market level and in the case of the Hotel Cișmigiu, significant growth. The sudden post-pandemic recovery generated a labour shortage, which has considerably diminished in this segment in the period 2020-2021, a difficulty we are still facing today, along with high energy prices and inflation. We expect these challenges to continue in 2024 and, in addition, we are already seeing signs of shrinking travel budgets in the corporate segment,” said Mirela Cojocaru.

Hotel Cișmigiu comprises 60 apartments and is also a cultural hub, through the Humanitas Bookstore, the Cervantes Institute and by organizing, in the various spaces of the building, exhibitions including works of Romanian art and gastronomically, through the Gambrinus Brewery on the ground floor and Bistro Cișmigiu, operated by Stadio on the sixth floor.

Hotel Cișmigiu was acquired by Hercesa in 2004 and we keep it in our portfolio, although the company’s core business is residential, through the projects we are developing in the east and west of Bucharest, Vivenda Residencias and Stellaris Residencias. Eleven years after its reopening in 2012, Hotel Cișmigiu is a successful project and we are looking forward to further investments of this kind, which for the time being are still difficult due to various legal and administrative issues„, said Romeo Ghica, operations manager of Hercesa Romania.

Hotel Cișmigiu – historical landmarks

1912 – The engineer Nicolae Pissiota begins the construction of the Palace Hotel, being the author of the structural frame project, while his cousin, arch. Arghir Culina, was in charge of the hotel’s design.

1913 – The Palace Hotel, with 200 rooms, is inaugurated. 

1941 – The famous Gambrinus Brewery opens on the ground floor of the Palace Hotel.

1948 – The hotel is nationalised and renamed „6 Martie”. 

1965 – The building is renamed Hotel Cișmigiu. 

1985 – The hotel is closed due to deterioration. 

1990 – The building becomes the student hostel of the Academy of Theatre and Film. 

1995 – Hotel Cișmigiu is closed again due to significant deterioration. 

2004 – Hercesa acquires Hotel Cișmigiu. 

2012 – Hotel Cișmigiu is reopened and restored to the tourist and cultural circuit, following an investment of 15 million euros.

About Hercesa România

Hercesa Romania has been operating in Romania for over 19 years, bringing the experience and guarantee of over 1,000 successfully delivered apartments in the Vivenda Residencias project. In June 2023, the company started construction works on the Stellaris Residencias project, located next to the Steaua stadium in Bucharest, which will comprise 4,500 apartments. The first phase of Stellaris Residencias will have 482 apartments.

About Hercesa

In over 45 years of experience in the real estate sector, Hercesa has developed and delivered over 28,000 homes in residential projects located throughout Spain. Since 2004, the company has been transferring the business model developed in Spain, adapting it to the reality of each country: Romania, Portugal, Bulgaria, Czech Republic, Morocco, Panama, Ecuador and Mexico. Hercesa covers all these requirements internally, because the company understands that the specialisation and training of its more than 450 professionals always ensures control and success in meeting budgets and objectives. This 360º approach strengthens the company’s ability to act quickly at all stages of development, thus being able to optimize time efficiently in the different real estate markets: residential, commercial and industrial. Hercesa manages 800,000 square meters of land in industrial areas and, at the same time, develops and builds hotels, shopping centers, industrial areas, office buildings and senior centers. In addition, Hercesa owns residential rental buildings, tourist apartments and commercial premises.

 

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