November 16 (SeeNews) - Israeli-owned real estate developer Hagag Development Europe said on Tuesday it plans to invest some 60 million euro ($68.2 million) in an overhaul of Susai Hotel in the Romanian mountain resort of Predeal which it has acquired for an undisclosed sum.
Currently in the design phase, the future project will be known by the name of H Susai and will be developed based on the specific references and requirement of the international concept BIO &SPA hotels, Hagag said in a press release.
The property will surpass an extensive transformation process and aims for a standard of at least 5 stars. Once completed, H Susai will be managed by an international operator to be later selected by the developer.
”Hagag Development Europe is very well positioned on the real estate market in Bucharest, especially on the residential segment and growing on the office one. The diversification of the market segment on which we operate on continues to be one of our company's key directions in terms of future development and growth," Hagag Development Europe co-founder and shareholder Yitzhak Hagag said. "Our ambition is to keep adding acquiring assets that will allow us to successfully expand to the local hotel market."
Hagag Development Europe is specialized in residential and commercial and hotel projects in Romania. The company is involved in the acquisition, development and renovation of several buildings and projects located in luxury and development areas of Bucharest and other major cities in Romania
($= 0.8733 euro)