H Vasile Lascar to become the first Radisson RED in Romania – Radisson RED Bucharest Old Town – following an over EUR 13 MLN investment
Real estate investor-developer Hagag Development Europe consolidates its operations in Romania by expanding its presence to the hospitality segment. The company has selected Radisson Hotel Group as operator for its first hotel development in Bucharest, to open under the Radisson RED brand, and started the permitting procedure to revamp and repurpose its property on 5-7 Vasile Lascar Street, in central Bucharest.
This project will be developed following an over 13 million EURO investment, and involves the transformation of an office building dating back to the 1940s. Historically serving as the offices of the Institute of Hydroelectric Studies, the old office maze will be fully renovated and redesigned to provide 104 guest rooms in the historic Old Town area, offering guests a unique blend of modern amenities and historical charm.
“We have a lot of trust in the local hotel market and we believe that there is no better partner than Radisson Hotel Group to support our vision of transforming H Vasile Lascar into a lifestyle destination that will not only enhance our property’s value, but will revive one of Bucharest’s most elegant neighbourhoods. Our ambition is to offer stylish hotels with modern design and meaningful experiences, at a fair price, and we are delighted to see our properties being associated with one of the largest international hotel chains.”, Yitzhak Hagag, Co-founder and Chairman of Hagag Development Europe, stated.
The new Radisson RED Bucharest Old Town will be the first Radisson RED property in Romania and in Bucharest, which the Group has identified as a key city for growth.
Radisson RED Bucharest Old Town will boast a restaurant and bar, a lobby incorporating a co-working lounge and an outdoor terrace, and versatile meeting spaces. A multipurpose room, together with the pop-up venue on the fifth floor, will cater to meetings, events, product launches, and social functions. Additionally, guests will have access to a fitness area, ensuring a comprehensive hospitality experience.
