34 Years After the 1989 Revolution, Bucharest Remains a City of Architectural Contrasts
34 years after the 1989 Revolution, the capital remains a place of architectural contrasts that fascinates the over 2 million tourists who visit Bucharest each year. The city breathes a special air, reminiscent of the grand interwar period, during which it experienced its most significant architectural, cultural, and economic development. On the other hand, the passing years and major events—whether the 1977 earthquake or the brutal intervention of communist authorities—have left a strong mark on the city.
After 1989, many iconic buildings declined dramatically, lost in the tangled threads of restitution claims, bureaucracy, or neglect. This not only fundamentally changed the city’s appearance but also made it vulnerable to a potential strong earthquake. In recent years, thanks to public pressure and funding from the NRRP and the Ministry of Development, things have started to change, and historic buildings have begun to be brought back to life. In the hospitality sector, private investors have played a key role in this process of revitalizing iconic buildings of the Capital.
In Bucharest’s Old Town alone, three buildings classified as historical monuments have been restored, reinforced, and reopened to the public as 4- and 5-star hotels. The Marmorosch Bucharest Hotel, Hilton Garden Inn Bucharest Old Town, and Europa Royale are three storied buildings revived as premium hotels, all managed by Apex Alliance Hotel Management (AAHM), part of the Apex Alliance group. According to Vytautas Drumelis, a partner in the Apex Alliance group, one of the company’s strategic priorities since its inception has been the revitalization of historical buildings—not just in Romania, but in all the countries where the group operates—and transforming them into landmark buildings and city destinations.
“This approach not only supports the local community but fundamentally transforms the face of Bucharest, making it a dynamic, vibrant city and a cultural destination with personality and a story,” explains Drumelis.
The Marmorosch Bank – A Dream Turned Legend
The story of the Marmorosch building at 2 Doamnei Street, at the entrance to Bucharest’s Old Town, began with a dream. Businessman Jacob Marmorosch and banker Mauriciu Blank dreamed of building Romania’s most powerful bank—and they succeeded. Initially founded in 1848 as a banking house, its headquarters was in a small house at the intersection of Băcani and Blănari Streets, in St. George’s Square—then Bucharest’s main commercial hub. Founder Jacob Marmorosch was a businessman and moneylender, initially involved in financial operations and trading colonial goods, paints, and roofing materials.
In 1863, Marmorosch partnered with the then-16-year-old Mauriciu Blank, who had exceptional financial skills and economic foresight far beyond his years. After 11 years, they became partners, and on January 1, 1874, Jacob Marmorosch’s trading and import business became Marmorosch Blank & Co., a bank with collective capital of 172,000 lei—one of the most powerful credit institutions of the time.
Over its 100-year existence, the bank played a decisive role in historical events and in Romania’s economic development. In 1877, it financed the Romanian army during the War of Independence against the Ottoman Empire. After the war, it funded the construction of the Bucharest–Predeal railway and later the Bucharest–Mărășești line—both early Romanian-engineered and funded projects. The bank also invested in factories like the Letea Paper Factory and the Chitila Sugar Factory. By the end of the 19th century, Marmorosch Blank & Co. was a prestigious institution with prominent figures like Take Protopopescu, I.G. Cantacuzino, and Nicolae G. Filipescu on its board.
A Century of Operation
The bank operated continuously from its founding in 1848 until its dissolution in 1948 under the communist regime. Before the current building at 2 Doamnei Street was constructed between 1915 and 1923, its headquarters had moved several times—from Smârdan Street to Lipscani Street—making the new building its fifth and final location.
With one exception: during World War I, the headquarters temporarily relocated to Iași, along with the Royal Family and National Bank, as Iași became Romania’s wartime capital.
By 1923, Marmorosch Blank & Co. had become the country’s most important bank, with 25 domestic branches and four international ones—in Paris, Istanbul, Vienna, and New York. The newly constructed headquarters on Doamnei Street, reflecting the founders’ vision of power and influence, had become an iconic building in Bucharest. Until the late 1930s, the bank continued to positively influence Romania’s economy, culture, and politics, aiding post-war reconstruction.
The End of a Dream
In 1930, the global economic crisis hit the bank hard, forcing it to declare bankruptcy. The National Bank of Romania intervened, absorbing bad debts and granting preferential loans. The bank was kept alive this way until 1948 when it was nationalized by the newly installed communist regime, marking the end of what had been Romania’s strongest bank of the 20th century.
A Symbolic Building
The Marmorosch Blank Palace was built between 1915 and 1923 by Petre Antonescu, arguably the most prolific architect of the Neo-Romanian style, who also designed Kretzulescu Palace, the Arch of Triumph, the University of Bucharest’s Faculty of Law building, and the Sinaia Casino. While the building’s architecture is predominantly Neo-Romanian, it also features Byzantine, Gothic, and Moldavian influences.
Interior murals were created by Cecilia Cuțescu-Storck, an artist and women’s rights activist, inspired by Art Deco and Art Nouveau styles. These frescoes, located by the main staircase and depicting industrial and commercial scenes symbolizing hope, compassion, effort, and mystery, can still be admired today.
The architecture includes elements reminiscent of medieval churches, such as incense burner–shaped wall lamps. The building’s interior saw many changes during communism, particularly when it was converted from a private to a state bank. Although many valuable elements—especially furniture—were lost, several original murals and furnishings remain.
In 2004, after the revolution, the building became the headquarters of BRD (Romanian Development Bank), and in 2007, it was sold as a historical monument.
The Story Continues
In 2021, following a €44 million investment by Apex Alliance and four years of renovation, the symbolic building reopened as a 5-star hotel: The Marmorosch Bucharest Hotel, part of Marriott’s Autograph Collection. The original vault room was transformed into The Vault bar, retaining its original door and safety boxes. Marble floors, wooden decorations, the stained-glass ceiling, and mosaics were impeccably restored, preserving the Art Deco and Art Nouveau legacy.
The Marmorosch Bucharest Hotel is now a luxurious 5-star property exuding the elegance of the Belle Époque. It features 217 rooms, The Blank restaurant, a bar in the former vault, a spa center, fitness room, and four conference halls.
The restoration posed typical heritage-building challenges, particularly structural integrity and the insertion of concrete layers in elevator and staircase zones. Developers focused on preserving historical elements, enhancing the guest experience through tangible links to the past, offering a sense of prestige and pride.
“From the moment I saw this remarkable building, I knew it had the potential to become a landmark destination. Hidden beneath decades of wear were historic elements—from detailed architecture and ceiling frescoes to original wood floors and marble stairs—that needed meticulous restoration. Our mission was to revive the spirit and elegance of the Belle Époque and offer both locals and tourists a unique destination. After years of hard work and significant investment, Apex Alliance proudly unveiled this new gem in the heart of Bucharest,” said Vytautas Drumelis.
From “Naționala” to Hilton
At 12 Doamnei Street stands another iconic 19th-century Bucharest building, now restored and reopened as the four-star Hilton Garden Inn Bucharest Old Town. In 1882, Hungarian-German architect Adolf Lang was commissioned to design the headquarters of the “Naționala” Insurance Society. Initially a one-story building, it was expanded in 1917 with three additional floors and adopted Art Deco features while retaining original staircases and ornaments.
During the interwar boom, the building housed many merchants. According to the 1937 telephone directory, alongside the insurance company were lawyers, brokers, furriers, a cheese shop, a bakery, a curtain store, grain merchants, a nail shop, a drugstore, tailors, and a WARNER BROS First National office.
After WWII and the rise of communism, the building declined. Nationalized in 1947 and severely damaged in the 1977 earthquake, it became the headquarters of Țiriac Bank in 1992. By 2000, it was abandoned due to bureaucratic disputes over restoration. At one point, demolition and reconstruction were considered. Ultimately, it was forgotten and became a blight on Bucharest’s tourist map and a refuge for the homeless.
A Challenging Restoration
In December 2015, when Lithuanian investors took over the building and began consolidation work, the property was in an advanced state of deterioration. The rehabilitation works were complex, particularly because the building is classified as a Class B historic monument. Renovation began in December 2015, in a completely non-functional structure, and was completed on December 22, 2017, coinciding with the hotel’s inauguration. The team of architects preserved the overall image of the original building and restored both interior and exterior architectural elements. The monumental staircase on the ground floor, with its majestic columns, as well as the stained glass windows on the first floor, were refurbished and retain the original beauty from 1886. Also on the ground floor is a space that has now been transformed into a conference room, featuring a glass atrium and original metal ornaments. Today, the building on Doamnei Street no. 12, with its 139-year history, is one of the main attractions of Bucharest’s Old Town. The seven-story building draws attention with architecture that blends elements typical of the late 19th century with modern glass details on the upper floors.
Places That Awaken and Create Memories
It took two years and nearly 32 million euros to bring the building on Doamnei 12 back to life and return it to the people of Bucharest. Today, the building hosts Romania’s first Hilton Garden Inn and the only Hilton-branded hotel in Bucharest. The hotel features 201 rooms, 3 conference halls, a fitness center, its own restaurant – Beef Room, and a 24/7 guest shop. The building on Doamnei Street no. 12 was the first in Romania taken over by Apex Alliance Hotel Management with the goal of transforming it into a hotel. “By restoring symbolic buildings with remarkable historical and architectural value in Bucharest, we wanted not only to preserve the exceptional architectural heritage of the late 19th and early 20th centuries but also to integrate it into the contemporary hospitality landscape,” says Vytautas Drumelis, a partner in the Apex Alliance group.
Guests are particularly drawn to the original architectural elements – whether it’s the spectacular stained glass on the first floor or the foyer restored to its former grandeur. Staying in a heritage building creates a sense of authenticity and connection to the place you wish to explore. According to industry specialists, there is a significant segment of tourists who prefer locations with cultural and historical value – people passionate about history, architecture, tradition, and places that awaken and create memories.
The Jewel on Strada Franceză
Also in the Old Town, on one of the most beautiful and oldest streets – Strada Franceză – we find another historic monument building that has been transformed into a hotel. The property located at 60 Franceză Street, now home to the Europa Royale hotel, has a long and significant history in the context of Bucharest’s development at the end of the 19th century. Historical documents and city plans mention that in the 16th–17th centuries, the area around the Old Court was known as “Ulița Mare” (the Great Street). Then in the 18th century, it was renamed “Podul cel Mare din Curtea Veche” (The Great Bridge of the Old Court), followed in the next century by names like “Podul Curtea Veche” and later “Ulița Curții Vechi.” The portion between Calea Victoriei and Smârdan Street also had several names, such as “Ulița cea Domnească” or “Ulița Ișlicarilor și Boiangiilor.” The current name, “Strada Franceză,” dates back to 1798, when Émile Gaudin, the first French consul in Bucharest, established his residence there.
Construction of the building at no. 60 began in 1888, featuring neoclassical architecture typical of the era. Over time, the property served various functions, reflecting Bucharest’s economic and social transformations. Initially, in 1888, it became the property of Major Gheorghe Lamotescu. That year, Bucharest City Hall granted him a permit to modify the existing house on Carol Street (the name of Franceză Street at the time) and to build a new wing facing Căldărari and Splai streets. According to the permit, the construction was to be made of solid masonry, with a metal roof, covering 1010.73 m², and only one floor. It also included the cession of 148.26 m² of public land for the project.
From Canned Goods Store to Hotel
During the interwar period, the address became known for hosting a famous shop that sold “colonial goods, canned foods, delicacies, renowned foreign wines, champagne, cognacs, rums, and liqueurs.” After the owner’s death, the shop was inherited by his descendants and lasted nearly a century. With the onset of the communist regime and up until the late 1990s, the building fell into significant disrepair. After 2000, with the first signs of revitalization in the Old Town, the restoration of this historical building was also decided. Following an extensive renovation process that respected its original architectural elements, the building was transformed into a 4-star hotel. Thus, in 2012, Hotel Europa Royale was inaugurated, offering 92 rooms, a restaurant, and two conference halls.
Today, Hotel Europa Royale stands as a successful example of integrating historical heritage into modern tourism, preserving the architectural charm of the 19th century while offering contemporary amenities. The building has been listed as a historical monument since 2010, as part of the “Strada Franceză” architectural ensemble. In 2022, AAHM took over the management of Hotel Europa Royale. “In the medium and long term, I believe hotels that tell a story will have a competitive advantage on the hospitality market,” says Vytautas Drumelis. In addition to the three hotels located in heritage buildings in Bucharest, Apex Alliance also manages the legendary Grand Hotel Gardone – one of the most elegant and prestigious destinations on Lake Garda’s Riviera in Italy. Built in 1884, the property features classic style and a rich history, famed for its exceptional architecture, beautifully restored gardens, private shoreline, and the many distinguished guests it has welcomed over time. In the Swiss Alps, AAHM manages the renowned Waldhaus Flims Wellness Resort, a luxury destination built in 1877, known for its luxurious spa treatments, indoor and outdoor pools, and recreational activities.
Over 132 Million Euros in Foreign Investment
Apex Alliance Hotel Management operates six hotels in Bucharest, with a total capacity of 1,106 rooms: Hilton Garden Inn Bucharest Old Town, Hilton Garden Inn Bucharest Airport, Courtyard Bucharest Floreasca, Moxy Bucharest Old Town, The Marmorosch Bucharest, and Europa Royale. So far, the group has invested over 132 million euros in Romania. In autumn 2025, the Lithuanian developers will open their first hotel in Brașov under the Hilton Garden Inn brand.
Across Europe, Apex Alliance Hotel Management manages 17 hotels in Italy, Switzerland, Romania, Poland, Lithuania, Latvia, and Estonia. AAHM holds official franchises representing globally recognized brands such as Hilton, Marriott, and Radisson, as well as its own brand, The Marmorosch Bucharest, affiliated with the Marriott Autograph Collection. By the end of 2025, the company aims to expand
