Israeli-owned real estate developer Hagag Development Europe, controlled by businessman Yitzhak Hagag, has decided to cancel the agreement signed with the family of Carmen Palade, former wife of businessman Dan Adamescu. The deal involved the acquisition of the famous Hotel Rex in Mamaia for €13.3 million, with plans to convert it into apartments.
The price agreed upon back in 2022 by Hagag Development Europe and Carmen Palade’s family was €13.3 million, to be paid in 6 installments upon the fulfillment of certain conditions. Prior to the contract termination, €1.75 million had been paid, an amount that must now be returned to Hagag Development Europe.
The hotel has a total built area of approximately 14,000 sqm, plus two 100 sqm storage structures, situated on a plot of approximately 7,000 sqm with a 345 sqm parking area.
Frequently Asked Questions
Why was the Hotel Rex deal cancelled?
Hagag Development Europe decided to terminate the €13.3 million agreement, which will now require the return of the €1.75 million already paid.
What were the initial plans for the property?
The developer intended to acquire the historic hotel and transform its 14,000 sqm built area into a residential project featuring apartments.
What are the physical specifications of the Rex property?
The property includes a main building of ~14,000 sqm, 200 sqm of storage, a 7,000 sqm land plot, and 345 sqm of parking space.