Israeli-owned real estate developer Hagag Development Europe, controlled by businessman Yitzhak Hagag, is negotiating with an international hotel chain an agreement to operate the former headquarters of the Institute for Hydropower Studies and Projects (ISPH) near kilometer 0 of Bucharest, after its conversion into a hotel. In parallel, the investor is to decide whether to sell the property or continue to invest, perhaps with a partner In 2022, Hagag Development Europe bought the office building at 5-7 Vasile Lascăr Street for around €3m with the intention of turning it into a modern business center with around 5,000 sq m of rental space. The building, built in the early 1940s, has six floors, covers a plot of about 1,000 square meters and has a built area of more than 6,000 square meters, of which about 800 square meters are in the basement area. Hagag’s current plan is to convert the building into a hotel. To this end, the developer is working on obtaining the necessary planning permission to convert the property into a hotel and, at the same time, is negotiating an agreement with the hotel chain.
Hagag is negotiating with an international hotel chain to operate its future hotel in Bucharest
