Israeli Dayan Family Invests EUR 20 M in Transforming Oscar Maugsch Palace into a 5-Star Luxury Hotel

The Dayan family, among the richest families in Israel, is preparing the consolidation and restoration of the historical monument Oscar Maugsch Palace, in the center of Bucharest, bought in 2019 from the Romanian Commercial Bank, and its transformation into a 5-star hotel, following a investments estimated at 20 million euros, Profit.ro informs.

The Dayan family bought the historic building in University Square for a total price of almost 28 million euros, the transaction amount exceeding by almost 40% the evaluation value, which was 20 million euros, according to Profit.ro sources. Now, the real estate developer is prepared to invest another 20 million euros in the consolidation, restoration and re-compartmentalization of the palace with the aim of transforming it into a 5-star hotel.

The hotel will have a total number of approximately 157 rooms, arranged on three floors and an attic. On the ground floor, the inner courtyard between Buildings A and B will be covered with a glass skylight, being transformed into the hotel’s access lobby.

The ground floor will also include spaces for restaurants, an event hall, meeting rooms, and in the basement there will be a SPA area, according to the documents submitted by the investor to the authorities.

The building is included in the List of Historical Monuments under the name Banca Comercială Română, the former Palace of the “Generala” Insurance Company, dating from 1906.