Hagag cancels the purchase of the Rex hotel in Mamaia

The real estate developer Hagag Development Europe, controlled by the businessman Yitzhak Hagag, decided to cancel the agreement signed with the family of Carmen Palade, which aimed to purchase the famous Rex hotel in Mamaia and transform it into apartments.

The price agreed, as early as 2022, by Hagag and Carmen Palade's family was EUR 13.3 million and was to be paid in 6 installments as a number of conditions were met. Until the termination of the contract, EUR 1.75 million were paid, money that must now be returned to Hagag.

The hotel has a total built-up 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.

Source: Profit.ro