Real estate investor-developer Hagag Development Europe said it is entering the hospitality market in Romania with its first hotel project in Bucharest, developed in partnership with Radisson Hotel Group. The future hotel, Radisson RED Bucharest Old Town, will be the first Radisson RED in the country.

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 building will be fully renovated to offer modern amenities while preserving its historical character, the company said.

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.

“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 Yitzhak Hagag, Co-founder and Chairman of Hagag Development Europe.

“Our recent developments in Romania demonstrate the increasing demand for top-tier hospitality experiences. 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,” added David Jenkins, Vice President of Business Development at Radisson Hotel Group. 

Hagag Development Europe is an international real estate investor-developer specializing in the development of residential and commercial projects in Romania, traded on the Tel-Aviv Stock Exchange. 

Radisson Hotel Group is a rapidly expanding international hotel group operating in EMEA and APAC, with over 1,520 hotels in operation and under development in 100+ countries. The Radisson family of brands portfolio includes Radisson Collection, art’otel, Radisson Blu, Radisson, Radisson RED, Radisson Individuals, Park Plaza, Park Inn by Radisson, Country Inn & Suites by Radisson, and Prize by Radisson.

irina.marica@romania-insider.com

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