Hagag transforms the Rex hotel in Mamaia into apartments

The real estate developer with Israeli capital Hagag Development Europe, controlled by the businessman Yitzhak Hagag, is preparing the renovation and transformation into apartments of the famous Rex hotel in Mamaia, which it is going to buy for EUR 13.3 million from the family of Carmen Palade, ex-wife of businessman Dan Adamescu.

The price agreed by Hagag and the family of Carmen Palade, of EUR 13.3 million, is to be paid in 6 installments, as a series of conditions are met. So far, the first 3 installments worth 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 land with an area of approximately 7,000 sqm and a parking lot of 345 sqm.