Bucharest's airport hotel finds a new owner
The first institutional hotel transaction in Romania in eight years
Apex Alliance sought to divest the Hilton Garden Inn Airport - the only hotel within walking distance of Henri Coandă International Airport and one of Bucharest's strongest performing hospitality assets. iO Partners and JLL ran a multi-channel process reaching 150 pre-qualified investors, pioneered a sale & leaseback structure never before used in the Romanian investment hotel market, and closed with a new sector entrant at a price in line with the seller's expectations.
A Unique Asset, a Thin Market, and a Deal That Had to Be Invented
The Hilton Garden Inn Airport occupies a unique position - the only internationally branded hotel within walking distance of Henri Coandă International Airport, Romania's busiest gateway with over 14 million passengers in 2025. Trading performance had improved year-on-year for four consecutive years, making the investment case compelling on fundamentals alone.
The Romanian hotel investment market had been largely dormant since the sale of the Radisson complex in 2017. Investor appetite existed, but concerns around market liquidity, upscaling potential, and pricing expectations required careful handling. To keep interest broad and credible, iO Partners & JLL developed a sale & leaseback structure - a mechanism never before deployed in Romania's hotel sector - giving buyers a new way to engage with the opportunity and the seller a structure aligned with their goals.
Local Intelligence. Global Reach. A Structure Built for the Market.
- Launched a targeted marketing campaign in autumn 2024, reaching approximately 150 pre-qualified investors through two parallel channels - local capabilities targeting investors with existing Romanian presence, and JLL Hotels targeting international buyers through their global network
- Co-led the process with JLL Hotels teams based in Spain and Germany, creating a multi-disciplinary cross-border team that ensured all relevant investor segments were properly covered
- Developed a compelling sale narrative centred on the hotel's four-year performance trajectory, unique airport proximity, and long-term brand strength
- Designed and proposed a sale & leaseback structure to address investor concerns around liquidity and market entry, keeping interest solid and diversified
- Managed the full structured process from launch to legal close, maintaining momentum and deal certainty at every stage
A Historic Deal. A New Investor. A New Benchmark.
- First institutional, large-scale hotel transaction in Romania since 2017 - a landmark deal for the market
- Price achieved in line with the seller's expectations - strong signal of execution quality and investor confidence
- One of the highest levels of investor interest recorded for a Romanian hotel transaction since the market reopened
Excellent collaboration between iO Partners and JLL - combined with the courage to introduce a structure the market had never seen - turned a challenging mandate into an exceptional result.
Andrei Drosu • Director • Capital Markets
To discuss hospitality investment opportunities in Romania, get in touch with our Capital Markets team in Bucharest — Andrei Văcaru, Managing Director Romania & Head of Capital Markets CEE, Andrei Drosu, Capital Markets Director Romania, or Irina Lache, Senior Consultant Capital Markets.
Managing Director RO • Head of Capital Markets CEE • Executive
Director • Capital Markets
Senior Consultant • Capital Markets
