Yitzhak Hagag, co-founder of the Israeli-capital real estate developer Hagag Development Europe, will convert an office building in central Bucharest into a hotel.
The real estate developer is preparing the transformation of the Institute for Hydroelectric Studies and Design (ISPH) headquarters, located at 5-7 Vasile Lascăr Street, into a hotel—a building purchased in the spring of this year.
The property has a footprint of 1,000 sqm and a built area of over 6,000 sqm, spread across seven levels. It is located very close to Rosetti Square.
The building is over 75 years old, and the project benefits from all the facilities derived from its privileged location. Furthermore, the Vasile Lascăr area is recognized as one of the capital’s representative neighborhoods, relevant to both the historical and cultural identity of the city.
Regarding its activity in the hotel sector, the company also purchased the Susai resort in Predeal in November 2021 with the intention of significantly expanding it, was in the process of acquiring the Romproiect headquarters located at 6-10 Calea Griviței in July 2022, and is interested in purchasing the Rex Hotel in Mamaia, provided the current owner obtains an urban planning certificate for conversion into an aparthotel and commercial center.
Frequently Asked Questions
Which building is Hagag converting into a hotel?
Hagag is converting the former Institute for Hydroelectric Studies and Design (ISPH) headquarters, located at 5-7 Vasile Lascăr Street in central Bucharest.
What are the technical specifications of the new hotel project?
The building has a footprint of 1,000 sqm, a total built area of over 6,000 sqm, and consists of seven floors.
What other hotel projects is Hagag Development Europe involved in?
The developer owns the Susai resort in Predeal, is acquiring the Romproiect building on Calea Griviței, and has expressed interest in the Rex Hotel in Mamaia.