Revetas Capital Advisors, along with Cerberus Capital Management and its affiliates, acquired Project Nemo, a hotel complex with approximately 86,000 square meters of gross leasable area in Bucharest, Romania. The complex includes the Radisson Blu and Park Inn hotels, consisting of a total of 697 guestrooms to be operated by the Rezidor Hotel Group, as well as approximately 7,500 square meters of prime retail space anchored by tenants such as Burberry and Hugo Boss.
The investment in Project Nemo is further supported by the portfolio's existing leadership position within the growing Romanian market, with Radisson Blu and Park Inn considered sought-after brands in the region.
"Project Nemo is one of the most compelling hospitality and retail assets in the CEE region," Eric Assimakopoulos, managing partner at Revetas, said in a statement. "As the fastest growing economy in the EU, Romania offers tremendous upside potential. We look forward to increasing the value of these properties in partnership with Cerberus."
"Together with Revetas, we see a strong opportunity to apply our collective real estate asset management expertise to the Project Nemo portfolio," Lee Millstein, global head of real estate at Cerberus, said in a statement. "These properties are well poised to benefit from a number of macro trends driving economic growth in Romania. We are excited to bring long-term capital and operational expertise to help the portfolio and its tenants succeed."
Revetas is a specialized real estate investment manager with current focus on central and eastern Europe with offices in London and Vienna, and a presence in most CEE countries.
Cerberus Capital Management was established in 1992, and was launched to focus on alternative investing. The company has more than $30 billion under management across complementary credit, private equity, and real estate strategies.