Property developer Hagag Development Europe has purchased Susai Hotel in Romanian mountain resort Predeal, in a move that marks the first transaction outside Bucharest.
The company did not mention the transaction value but said it plans to invest around €60 million in the renovation and modernization of the building. The hotel will be rebranded as H Susai and will aim to reach a standard of 5 stars based on the international BIO & SPA concept. Hagag said that it will select a specialized operator to run the hotel.
“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 acquiring assets that will allow us to successfully expand to the local hotel market,” said Yitzhak Hagag, Co-founder and Shareholder Hagag Development Europe.
The company is actively prospecting the market in search of new assets with investment and development potential and plans to expand its operation to the hotel segment. The investor targets properties located in the central areas of some of the most representative cities in Romania. The developer has specialized in the acquisition of historical buildings that are turned into office or residential projects following major overhauls.
