Real estate developer Hagag Development Europe has entered into a management agreement to operate the first Radisson RED hotel in Romania.
The hotel will be located in the former headquarters of the Institute for Hydropower Studies and Design, on Vasile Lascar Street no. 5–7 in Bucharest’s historic Old Town district. The project involves a EUR 13 million investment and will see the transformation of a 1940s office building, formerly used by the Institute of Hydroelectric Studies, into a hotel with 104 guest rooms. The hotel will feature a restaurant and bar, co-working lounge, outdoor terrace, fitness area, and flexible spaces for events, including a multipurpose room and a rooftop venue.
Hagag Development Europe is an international real estate investor-developer specializing in the development of residential and commercial projects in Romania. It is traded on the Tel-Aviv Stock Exchange.
“We have a lot of trust in the local hotel market, and we believe that there is no better partner than Radisson Hotel Group to support our vision of transforming H Vasile Lascar into a lifestyle destination that will not only enhance our property’s value but will revive one of Bucharest’s most elegant neighborhoods,” said Hagag Development Europe Co-Founder and Chairman Yitzhak Hagag.
“Our recent developments in Romania demonstrate the increasing demand for top-tier hospitality experiences,” explained David Jenkins, Vice President of Business Development at Radisson Hotel Group. “With the introduction of Radisson RED Bucharest Old Town, we are proud to bring a dynamic and innovative hotel brand to Romania that caters to modern travelers seeking a blend of contemporary design and vibrant social spaces. This addition marks the entry of our fourth brand in Romania, solidifying our presence.”
Image source: www.romania-insider.com