Hagag Development Europe has partnered with Radisson Hotel Group to launch its first hotel in Bucharest under the Radisson RED brand.
The project will transform a former office building located on 5-7 Vasile Lascar Street in central Bucharest into the Radisson RED Bucharest Old Town.
This development represents a €13 million investment and will convert a 1940s office building, previously the Institute of Hydroelectric Studies, into a 104-room hotel.
“Our ambition is to offer stylish hotels with modern design and meaningful experiences, at a fair price, and we are delighted to see our properties being associated with one of the largest international hotel chains,” said Yitzhak Hagag, Co-Founder and Chairman of Hagag Development Europe.
The new hotel will feature a restaurant and bar, a lobby with a co-working lounge, an outdoor terrace, meeting spaces, a multipurpose room, and a fitness area. It will also include a pop-up venue on the fifth floor for events and social functions.
Win Advisors advised Hagag Development Europe on the deal. Zamfirescu Racoți Vasile & Partners (ZRVP) provided legal support throughout the transaction.
