Israeli-owned real estate developer Hagag Development Europe, controlled by businessman Yitzhak Hagag, acquires the iconic Rex Hotel in the Black Sea resort of Mamaia from the family of Carmen Palade, according to romanian news agency.
Romanian businessman George Becali attempted to buy the former five-star beachfront hotel, worth about €10million, in 2018, but gave up due to the "complicated situation of the documents," according to sources familiar with the deal contacted by Profit.ro.
The investments in the hotel's refurbishment, affected by a fire in 2011, are estimated at €8-10million. Consequently, the sources commenting for Profit.ro estimate the sale price of the property at about €3 million.
