Real estate developer Hagag Development Europe, controlled by businessman Yitzhak Hagag, intends to buy the Rex Hotel in Mamaia resort. Investments in the renovation of the hotel, affected by a fire in 2011, are estimated at EUR 8-10 million, for which reason the sale price of the property could be around EUR 3 million.
Hagag Development Europe intends to make the acquisition through its new company, Hagag Rex Mamaia.
“Hagag Development Europe has ambitious plans for Romania. We aim to consolidate our position locally, both in terms of existing assets and geographically. In this context, we are actively prospecting the market and we are looking carefully at several properties or lands with potential, suitable for residential or office projects, but also hotels “, said the company’s representatives.
