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Hagag to buy new building near Romanian Athenaeum and to turn it into hotel

Israeli real estate developer Hagag is negotiating with Romanian entrepreneur Victor Olaru the acquisition of a new building located on Bucharest's Georges Clemenceau Street, near the Romanian Athenaeum, according to local media.

2018-12-04 09:59:01

The building, which is already raised and has ready-made facades, would become an Indigo-affiliated hotel, part of the IHG (Intercontinental) group. Hagag are also discussing with other hotel groups for affiliation to the future hotel.

The building would be able to accommodate a 100-room hotel, and the transaction could be valued
between ten to 15 million Euro.

"Hagag Development Europe is currently not involved in any commercial transaction aimed at acquiring the property located on Georges Clemenceau Street, the property of the entrepreneur Victor Olaru," the company told The Diplomat-Bucharest.

This summer, Hagag Development Europe started construction works for its first office project: H Victoriei 109.



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