Deutsche Pfandbriefbank AG (pbb) has underwritten the largest single-asset hotel refinancing ever completed in Romania, securing a €123m facility for the Radisson Blu Hotel Complex in Bucharest. The deal, signed and closed at the end of June 2026, was finalized in under five months, less than the time typically required for complex cross-border transactions. Revetas Capital, the borrower and owner of the property, partnered with funds managed by Cerberus Capital Management, L.P., to secure the financing from the German specialist lender.
This transaction stands out because pbb has no retail presence in Romania and is a specialist European real estate financing bank. In a year when large-ticket real estate financing in the country has been provided almost exclusively by banks with local operations, pbb’s willingness to underwrite the entire facility signals a return of confidence from major international lenders. It is the second project the bank has financed alongside Revetas and Cerberus, suggesting that European capital is once again available for hospitality assets in Romania when the fundamentals and prospects justify it.
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The asset behind the deal is substantial. The complex comprises two internationally branded hotels, a Radisson Blu and a Park Inn, offering 835 rooms across interconnected buildings with a total built area of approximately 86,000 m². The property is arranged around a central courtyard and includes fitness and entertainment venues. Since 2019, the property has undergone a full renovation programme with a reconstruction budget exceeding €30m. The results have been recognized externally: the Radisson Blu Hotel Bucharest was named Romania’s Leading Business Hotel at the World Travel Awards in both 2023 and 2024, and in 2025 became the first five-star hotel in Bucharest to achieve BREEAM In-Use “Excellent” certification, one of only ten hospitality properties in the country to hold that distinction.
Resilience through a difficult cycle
The owners have faced significant challenges over the past few years. Vlad Dragoescu, Partner and CEE Head of Portfolio Management at Revetas Capital, described the period as a time of sustained commitment through genuinely difficult years. He noted that the team faced COVID disruption, energy cost pressure, higher financing costs, and geopolitical headwinds in key feeder markets. Dragoescu emphasized that resilience in real estate is not about holding on, but about continuing to implement asset management initiatives to improve the asset’s offering. The fact that Deutsche Pfandbriefbank underwrote the financing as sole lender, despite the economic climate, speaks to the quality of the asset and the conviction behind the plan.
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Closing a cross-border, multi-jurisdiction financing of this scale and complexity in under five months, in a year when overall Romanian investment volumes have remained subdued, sets a practical benchmark for what disciplined asset management and a clean capital structure can achieve even when comparable transactions are scarce. This figure is relevant for any CEE hospitality owner facing a refinancing wall on legacy debt amid still-elevated financing costs. While the headline figure is significant, the speed of execution demonstrates the value of maintaining a modern, well-certified asset portfolio during periods of market uncertainty.
The legal structure of the deal involved Wolf Theiss acting as legal counsel to the borrower, while Kinstellar advised pbb, and Sentient was appointed as technical advisor to the lender. The transaction adds to Revetas’ broader footprint across Europe and the U.S., where the vertically integrated institutional investment platform has managed, advised on, invested in or developed over €7.9bn in real estate through offices in Vienna, Luxembourg and London.
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