Bucharest’s Radisson Blu Hotel Complex has secured Romania’s largest-ever single-asset hotel refinancing, a €123 million facility underwritten entirely by Deutsche Pfandbriefbank AG (pbb). The deal closed at the end of June 2026, less than five months after the refinancing process began.
Financing breaks local mold
The transaction stands out because of its lender. pbb, a specialist European real estate financing bank, operates without a retail presence in Romania. Its decision to underwrite the entire facility marks a change in a market where large-ticket real estate financing has been controlled by banks with local branches.
This is the second project pbb has financed alongside Revetas Capital and Cerberus Capital Management. The agreement shows that major international lenders are again willing to commit significant capital to Romania when an asset’s performance justifies the risk.
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Asset strength justifies the bet
The Radisson Blu Hotel Complex includes two internationally branded hotels—a Radisson Blu and a Park Inn—with 835 rooms across 86,000 square meters. The property received a €30 million refurbishment since 2019, earning recognition as Romania’s Leading Business Hotel at the World Travel Awards in 2023 and 2024.
In 2025, it became the first five-star hotel in Bucharest to achieve BREEAM In-Use “Excellent” certification. Only ten hospitality properties in the country hold this distinction. The complex also features fitness and entertainment venues arranged around a central courtyard.
For owners of older hotel properties in Central and Eastern Europe, the deal’s execution speed may be the most important lesson. Closing a cross-border, multi-jurisdiction financing of this scale in under five months—despite low Romanian investment volumes—sets a new standard for efficient asset management.
A clean capital structure and proactive management can still attract institutional lenders, even when borrowing costs are high.
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Years of resilience pay off
Vlad Dragoescu, Revetas Capital’s CEE Head of Portfolio Management, called the refinancing a reward for years of active management through a challenging period. “This refinancing reflects what the asset has become,” he said. “Reaching this point required sustained effort through genuinely difficult years.”
Dragoescu noted the impact of COVID disruption, rising energy costs, higher financing expenses, and geopolitical instability in key markets. At each stage, the team chose to keep improving the asset rather than pause. “Resilience in real estate isn’t about waiting,” he said. “It’s about continuing to implement changes so that when conditions improve, you’re positioned to benefit.”
The deal’s size and speed confirm that prime hotel assets in Bucharest are now more attractive to European institutional lenders. “In a year when investment volumes across Romania have stayed low, this refinancing sends a strong message.”
