The Israeli-owned real estate developer Hagag Development Europe, controlled by businessman Yitzhak Hagag, is preparing the renovation and transformation into apartments of the famous Rex Hotel in Mamaia, which it is set to purchase for EUR 13.3 million from the family of Carmen Palade, the former wife of businessman Dan Adamescu.
The price agreed upon by Hagag and Carmen Palade’s family, of EUR 13.3 million, is to be paid in 6 installments, subject to certain conditions. To date, the first 3 installments totaling EUR 1.54 million have been paid.
The hotel has a total built area of approximately 14,000 sqm, plus two 100 sqm buildings for storage, located on a plot of approximately 7,000 sqm and a 345 sqm parking lot.
Frequently Asked Questions
What is the acquisition price for the Rex Hotel?
Hagag Development Europe has agreed to a purchase price of EUR 13.3 million, to be paid in six installments.
Who is the developer behind this project?
The project is being spearheaded by Hagag Development Europe, an Israeli-capital real estate developer controlled by Yitzhak Hagag.
What are the technical specifications of the property?
The property includes a 14,000 sqm built area, a 7,000 sqm plot of land, storage facilities, and a private parking lot.