Radisson Hotel Group Will Operate the Hotel within the Central District Lagoon City Mixed-Use Development

Forty Management announced today that Radisson Hotel Group has been selected to be the operator of the hotel component in the Central District Lagoon City, with the hotel operating under the upscale Radisson brand. The Radisson Lagoon Hotel Bucharest is planned as the first of several such branded co-operations across the globe.

The Radisson Lagoon Hotel Bucharest will be an upscale urban resort style hotel with 323 rooms, a spa, 1,100 sqm of exclusive sandy beach and access to a 10,000 sqm lagoon, a restaurant and commercial areas and will feature a revolutionary concept and design, leveraging Forty Management’s experience in innovation and technology. Moreover, this major investment will have major economic impact, leading to 340 direct new jobs, in addition to 298 indirectly created jobs.

“Our vision, along with the courage to develop Lagoon City green urban reconversion, has led to the creation of this new co-operation with one of the largest hotel groups in the world. Radisson Lagoon Hotel Bucharest is a partnership destined for all Radisson hotels built around the artificial Crystal Lagoon anywhere in the world, initiated here, in Romania, by Forty. The fact that this concept was created for the first time in our country, by a Romanian, is an extraordinary signal for the Romanian entrepreneurs and investors that it is a good time to have the courage to innovate,” said Lucian Azoiței, CEO of Forty Management.

Forty Management will implement for the first time in Central Eastern Europe the patented Crystal Lagoons® technology, which allows the construction and maintenance of cost and energy efficient artificial turquoise water lagoons of unlimited size. It will cover an area of over 10,000 sqm, have a maximum average depth of 2 meters, three large beaches of more than 3,200 sqm and numerous other facilities. Radisson Lagoon Hotel Bucharest is one of the mixed-use components of Lagoon City, which also includes 401 apartments, 9,200 sqm of commercial and service spaces, a 8,500 sqm class A office building, as well as countless other facilities, practically a mini city with all the necessary destinations for urban living, with the facilities of a seaside resort. Located in central Bucharest (at No.18, Coralilor Street), Central District Lagoon City is the first self-sustainable, mixed urban reconversion project that will produce all its utilities in-house.

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“Central District Lagoon City is a first-of-its-kind project, both in terms of innovation and sustainability, and of the huge interest from international hotel operators. In my 16 years of hotel development experience, never have I seen 11 international brands interested in a project. Hence our challenge to come up with objective criteria to decide between the offers. It was the first time we‘ve received improved financial offers before analysing and responding to the ones we had previously had. This demonstrated that the Crystal Lagoons® product has a major impact on hotel operating results, and the studies we have seen reinforce this conclusion. Given the unique concept of the Bucharest development, a deciding criterion was related to the way each operator could secure a financial comfort for Forty Management. The end of the selection process resulted in the creation of the Radisson Lagoon Hotel, a resort hotel that perfectly fits the concept of green urban reconversion developed by Forty in Romania and in other countries”, added Mircea Drăghici, CEO of EST Hospitality, Forty Management’s consultant.

The project will be scaled up in other three European capital cities, in Budapest, Warsaw and Prague.