Bucharest will have a new five-star hotel, right in the city center. The Dayan family, one of the most powerful in Israel, has received authorization to renovate the former BCR Palace in University Square, which will be transformed into one of the most luxurious hotels in the capital. The logo of the luxury brand, part of the Accor hotel chain, was on the building of the current Pullman hotel in Montreal Square in Bucharest until 2009. The building has a total area of almost 17,000 square meters. The investment in the transformation of the building is about EUR 20 million. The hotel will have about 157 rooms, which will be located on the 1st, 2nd, 3rd floors and the attic. On the ground floor there will also be spaces for restaurants, an event hall, and in the basement there are plans to arrange a SPA area, in accordance with the requirements of the hotel classification.