New or existing hotel: what a four-star room costs in Romania

What a new room costs

WIN Advisors estimates development cost at EUR 50,000–60,000 per room for a three-star hotel and EUR 70,000–80,000 per room for four-star, depending on the building's condition, the type of project (new build, conversion or refurbishment), land and financing ^[1]. Real projects show higher figures too: a 90-room Mercure in Oradea was reported at an investment of EUR 15 million, or about EUR 166,700 per room (calculation) ^[2].

Time comes on top of cost. A new hotel goes through zoning, permits, construction, classification and operating approvals before the first booking, which pushes revenue several years into the future.

Prices paid for existing hotels

The differences reflect the age and condition of the building, the brand and operating contract, location and seasonality. A branded airport hotel in operation sells at a multiple of an old seaside hotel sold at auction.

Market volume and yields

Hotel transactions in Romania totalled about EUR 50 million in 2024, in 7 deals, 5 of them outside the capital ^[7]; another estimate puts the figure at EUR 69.3 million ^[5]. In 2025 volume reached EUR 58.8 million across 5 deals ^[4]. The hotel yield in Bucharest was estimated at 8.25% in 2023 ^[11]; for 2025, prime benchmarks in other segments were 7.25% for offices and retail and 7.50% for industrial ^[4].

Demand: what INS data show

In 2025, accommodation establishments in Romania recorded about 13.9 million arrivals (−2.4%) and 29.7 million overnight stays (−1.7%), with a net bed-place occupancy rate of 29.8% ^[8]. At four- and five-star hotels the average daily rate was EUR 94.68 (+8.5%) and revenue per available room EUR 61.33 (+12.2%) ^[9].

Regional differences are large. In Sălaj County, net occupancy was 11.7% in 2023, with 2,278 bed places ^[10]. A hotel outside the main tourist destinations cannot rely on tourism alone; demand has to be built from events and corporate stays.

Events and local industry

For weddings, published costs are EUR 15,000–30,000 for 100 guests and EUR 40,000–100,000 for more than 200 ^[12]. A large banquet hall turns a regional hotel into an events destination. On the corporate side, the Zalău area has large industrial employers: TenarisSilcotub, with about 1,848 employees in 2025 ^[13], and Michelin, which announced in 2024 that part of its truck-tyre production would move to Zalău from Poland ^[14].

Build or buy?

• A new build gives control over the concept but needs more capital per room and several years before the first revenue.
• An existing hotel, permitted and classified, can reopen faster; the price reflects revenue history, building condition and the need for an operator.
• For a closed or under-used hotel, valuation rests on replacement cost and the buyer's own operating plan, not on historical revenue.

This material is for information only and is not legal, tax or investment advice.