Hagag Development takes over hotel in Romanian mountain resort, plans EUR 60 mln refurbishment, upgrades

Real estate developer Hagag Development Europe acquired Susai Hotel, a property located in the mountain resort of Predeal, a well-known ski destination.

The company is considering investments of about EUR 60 million for the renovation and modernization of the hotel, it said in a release.

Currently in the design phase, the future project will be known by the name of H Susai. It will be developed based on the requirements of the international concept BIO & SPA hotels, "which implies the integration of as many green elements as possible, supplying the complex with energy coming from renewable sources, certified organic restaurants supplied from organic sources," the developer said.

After an extensive transformation process, the property aims for a standard of at least five stars.

Once completed, H Susai will be managed by an international operator to be later selected by the developer.

"Hagag Development Europe is very well positioned on the real estate market in Bucharest, especially on the residential segment and growing on the office one. The diversification of the market segment on which we operate continues to be one of our company's key directions in terms of future development and growth. This new acquisition marks an important step in consolidating our operations in Romania and paves a path to new business opportunities. Our ambition is to keep adding assets that will allow us to successfully expand to the local hotel market," Yitzhak Hagag, co-founder and shareholder Hagag Development Europe, said.

Hagag Development Europe is a real estate investor-developer specializing in residential, commercial and hotel projects in Romania.

(Photo courtesy of the company)