Romania-focused investor-developer Hagag Development Europe has acquired the Susai Hotel, a property located in Predeal, Romania’s most proeminent mountain resort.
Financial details were not disclosed, but the company said it estimated an investment of about €60 mln for the renovation and modernisation of the property.
Currently in the design phase, the future project will be known by the name of H Susai and will be developed in line with international concept Bio & Spa hotels, which implies the integration of as many green elements as possible.
The hotel will be supplied with energy from renewable sources and include certified organic restaurants. The property aims for a standard of at least 5 stars. Once completed, H Susai will be managed by an international operator to be selected at a later date by the developer.
Yitzhak Hagag, co-founder and shareholder of Hagag Development Europe, said: '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 on 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 aquiring assets that will allow us to successfully expand to the local hotel market.'
The company is actively in search of development and investment opportunities, particuarly in the hotel segment.
