Real estate investor-developer Hagag Development Europe consolidates has selected Radisson Hotel Group as operator for its first hotel development in Bucharest, to open under the Radisson RED brand, and started the permitting procedure to revamp and repurpose its property on 5-7 Vasile Lascar Street, in central Bucharest.

This project will be developed following an over 13 million euros investment and involves the transformation of an office building dating back to the 1940s. Historically serving as the offices of the Institute of Hydroelectric Studies, the old office maze will be fully renovated and redesigned to provide 104 guest rooms in the historic Old Town area.

“We have a lot of trust in the local hotel market and we believe that there is no better partner than Radisson Hotel Group to support our vision of transforming H Vasile Lascar into a lifestyle destination that will not only enhance our property’s value but will revive one of Bucharest’s most elegant neighbourhoods. 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.”, says Yitzhak Hagag (photo), Co-founder and Chairman of Hagag Development Europe.

The new Radisson RED Bucharest Old Town will be the first Radisson RED property in Romania and in Bucharest, which the Group has identified as a key city for growth.

“Our recent developments in Romania demonstrate the increasing demand for top-tier hospitality experiences. With the introduction of Radisson RED Bucharest Old Town, we are proud to bring a dynamic and innovative hotel brand to Romania that caters to modern travellers seeking a blend of contemporary design and vibrant social spaces. This addition marks the entry of our fourth brand in Romania, solidifying our presence.”, explains David Jenkins, Vice President Business Development at Radisson Hotel Group.