The Stadio Hospitality Concepts group owned by local entrepreneur Radu Dumitrescu has taken over 18 Lounge by Embassy, one of the most known sky bars in Bucharest, located on the 18th floor of City Gate South Tower, Piata Presei Libere.
The entrepreneur is thus expanding his sky bar portfolio, after he opened Nor-Sky Casual Restaurant in 2017 and Cismigiu-Bistro la Etaj one year later.
With this new acquisition, the group aims a business growth of over 60%, as against 2019.
The negotiations to take over 18 Lounge, opened in 2010, lasted four months, while the transaction remains confidential.
The new owner will invest around EUR 250,000 in revamping and refurbishing the sky bar.
“By taking over 18 Lounge, we plan to increase the total capacity of our restaurants by 180 seats, thus reaching 1,550 seats. 18 Lounge will be our third restaurant in terms of seat number. Last year, this restaurant had a turnover of EUR 2 million and our goal is to rise it this year,” said Radu Dumitrescu.