property: hotels and resorts
March 08, 2010, 09:46 CET
Hotelier inaugurates Ft 700 million conversion in Hungarian resort town
Hotelier Erno Lengyel on Friday inaugurated another luxury hotel in the resort town of Balatonfured. The hotel is in a 120-year-old listed building converted at a cost of HUF 700m. European Union covered HUF 115m of the cost of the... [read complete entry]
March 08, 2010, 09:45 CET
Mórahalom local council, business partners to build Ft 2.5 billion four-star hotel
The local council of Morahalom (S Hungary), together with business partners, plans to build a four-star hotel for HUF 2.5bn, supported by HUF 512m in European Union funding, mayor Zoltan Nogradi said on Friday. The state-owned Hungarian Development Bank (MFB)... [read complete entry]
February 19, 2010, 10:39 CET
Hotels with more than 900 rooms to open in Budapest this year
Premium-category hotels with more than 900 rooms are expected to be inaugurated in Budapest this year, business daily Napi Gazdasag reported on Thursday. The 235-room Marriott Courtyard Hotel on Blaha Lujza Square is planned to be opened on Easter. The... [read complete entry]
February 17, 2010, 10:40 CET
Dutch-owned investor to build Ft 7 billion hotel in SW Hungary
Dutch-owned Hungarian company Grontmij Canor plans to build a HUF 7bn, four-star hotel in Siklos (SW Hungary), regional daily Uj Dunantuli Naplo reported on Tuesday. Grontmij Canor has bought a plot for the hotel for HUF 120m from the local... [read complete entry]
February 17, 2010, 10:38 CET
Klotild Palace hotel conversion pushed back again
The conversion of the Klotild Palace, a grand building on one of Budapest's main streets, into a luxury hotel will not be completed until 2011, daily Nepszava reported on Tuesday. The building, which is being developed by the Mellow Mood... [read complete entry]
February 05, 2010, 10:51 CET
Danubius leases Balaton hotel to management group to cut risk on downturn
The Danubius Hotels Group has leased the three-star Hotel Helikon in Keszthely, located on the western shore of Lake Balaton in western Hungary, to H Management Services for a period of five years beginning in March, Danubius Hotels announced on... [read complete entry]
February 01, 2010, 10:38 CET
Lights out for landmark countryside hotel - literally
It seems that a famous name and a central location isn't quite enough to guarantee success in the hotel business in the Hungarian countryside. According to a report in local daily Hajdú-bihari Napló via privatbankar.hu, last Thursday electricity provider E.ON... [read complete entry]
January 26, 2010, 09:45 CET
Ft 1 billion hussar-themed hotel inaugurated in Debrecen
Businessman Jozsef Boros on Monday inaugurated a more than HUF 1bn, four-star, hussar-themed hotel in Debrecen (E Hungary). The 40-room, five-suite hotel was built with HUF 211m in European Union and state support, Mr Boros said. The hotel is home... [read complete entry]
January 19, 2010, 09:48 CET
Football club FTC to start work on multifunctional complex in Budapest
Football club FTC has received permission to start construction of a 22,000-seat stadium on Budapest's Üllői út, FTC Zrt CEO Krisztián Berki told vg.hu (subscriber only). Works can start in summer. The project is being planned by the British Scarborough... [read complete entry]
January 11, 2010, 11:11 CET
Gov't said to be mulling sales of state-owned holiday resorts
Hungary's government plans to sell off 29 holiday resorts in state ownership worth a total of 10 billion forints (EUR 37m), tabloid Blikk said on Monday. The government plans to part with all real estate except for its Lake Balaton... [read complete entry]
January 06, 2010, 10:56 CET
Recession taking big bite out of Hungarians' travel budgets
Hungarians spent 14-18pc less time and money on tourism and travel in January-September, the Central Statistics Office (KSH) said in a summary on Monday. KSH said the decline in real wages and the overall fall in retail consumption were reflected... [read complete entry]
January 05, 2010, 08:45 CET
Best Western hotel to be built at thermal baths in Pápa
"K+F" PANNON Hotel Projekt Kft is currently developing a hotel in the west Hungarian town of Pápa, writes vg.hu. The 130-room hotel will be built within two years next to the town's thermal baths on a 10,000-square-meter lot. The new... [read complete entry]
December 23, 2009, 10:13 CET
German investor plans to build hotel, water park in southern Hungary
A German investor is planning to build a HUF 2bn (EUR 7.26m) hotel and water park in Kozarmisleny (S Hungary), the daily Uj Dunantuli Naplo reported on Tuesday. The investor has signed a contract with the town's local council to... [read complete entry]
December 22, 2009, 08:51 CET
Miskolc hotel gets new Ft 330 million wing
A new, HUF 330m (EUR 1.2m) wing opened on Monday at the four-star City Hotel in Miskolc (NE Hungary), owner Istvan Barkoczi reported on Monday. The wing, which won a tender for HUF 130m in European Union regional-development funding, contains... [read complete entry]
December 15, 2009, 09:08 CET
Village near Budapest to hold referendum on planned golf course/hotel complex
The Pest County village of Páty (pop.: 6,578) will hold a referendum - likely on February 14, 2010 - about plans by Grupo Milton Management Zrt to build a golf course, thermal hotel, apartments and education center, writes vg.hu. József... [read complete entry]
December 14, 2009, 12:10 CET
Work on large new Budapest congress center could begin in April
A new congress center at the Syma events hall in Budapest's District XIV can start in April, with the building opening in December 2011, development manager Gábor Soós told napiingatlan.hu. The center will be able to host events for up... [read complete entry]
December 14, 2009, 12:06 CET
Operator of best-known Debrecen hotel in bankruptcy
Debrecen-based Cívis Hotels has sought bankruptcy protection as it tries to agree with creditors and collect receivables in an effort to continue operations, HVG reports. The company operates the well-known Arany Bika hotel in Debrecen, among others. The hotels will... [read complete entry]
December 03, 2009, 12:35 CET
Hunguest completes publicly-subsidized hotel expansion drive
Hunguest Hotels has completed almost HUF 900m of investments supported by HUF 350m in European Union and state grants at three hotels in northeast Hungary, CEO Istvan Hulvely said on Wednesday. Hunguest Hotels expanded and renovated its 190-room hotel in... [read complete entry]
November 17, 2009, 09:07 CET
New "Expo Congress Hotel" opens at Hungexpo
A four-star hotel opened next to Budapest's primary trade fair exhibition venue on the 5th of November, reports turizmusonline.hu. The Expo Congress Hotel is the latest member of Mellow Mood Group's "Congress" brand. The hotel's aim is to provide easily-accessible... [read complete entry]
November 10, 2009, 09:11 CET
Government selling operating rights for 13 state vacation resorts
The Prime minister's Office (MeH) is selling operating rights for 13 state-run vacation resorts through open public procurement tenders, government spokesman Domokos Szollár announced on November 5, stressing that the real estate will remain property of the state. According to... [read complete entry]
October 27, 2009, 09:30 CET
Parliament green lights probe of casino project
Parliament yesterday unanimously passed a draft resolution on establishing a House commission to probe the planned Sukoró casino project. MPs cast 361 affirmative votes for the Fidesz-initiated proposal. It will examine how the National Asset Manager calculated the value of... [read complete entry]
October 27, 2009, 09:27 CET
Rebuilding of historic District VII hotel complex reaches milestone
The structure of the future Hotel Continental Zara was recently topped off, with developers of the property on Dohány utca in Budapest's District VII saying it is on track for an opening in June of next year. The Ft 14... [read complete entry]
October 15, 2009, 10:24 CET
State asset manager seeks to reverse dubious casino-related property swap
Hungary's National Asset Management Company (MNV) will start talks with the aim to revert a land exchange related with a planned large casino project, MNV said on Wednesday. MNV spokesman Zsolt Zicherman said MNV is seeking to annul the land... [read complete entry]
October 14, 2009, 09:34 CET
TriGranit to build Europe's biggest shopping/entertainment center in Bratislava
Hungarian construction company TriGranit will spend EUR 1.5bn to build Europe's biggest shopping and entertainment centre near Bratislava, TriGranit development director Simon Bayley said at a press conference in the Slovakian capital on Tuesday. The 1.2m-square-metre shopping and entertainment centre,... [read complete entry]
October 12, 2009, 09:29 CET
State signs casino concession contract despite scandal over land swap
The Finance Ministry has signed a concession contract for the operation of a casino on the shores of Lake Velence and it has asked the National Asset Management Company (MNV) to start talks with one of the project's investors on... [read complete entry]
October 05, 2009, 10:32 CET
Foreign guest nights down more than 10% Jan.-Aug.
Guest nights spent at commercial accommodations by Hungarian and foreign tourists fell 8.7pc to 13.289m in January-August 2009 compared to the same period last year, the Central Statistics Office (KSH) said on Monday. In January-July, 9.9pc less nights were spent.... [read complete entry]
October 02, 2009, 11:02 CET
State said cheated in land swap for casino project
The value of land exchanged by entrepreneur Joav Blum for a site near Lake Velence where he plans to open a casino was overstated by Ft 600 million in the swap contract, a judicial expert told the Central Investigative Prosecutor's... [read complete entry]
August 31, 2009, 09:41 CET
Budapest luxury hotel to include helipad, bullet-proof suite
A new luxury hotel in Budapest's swanky fifth district will come complete with a helicopter landing pad and a bullet-proof suite, Magyar Nemzet daily reported on Monday. Hotel President, to be located near the National Bank of Hungary and the... [read complete entry]
August 19, 2009, 10:15 CET
Hunguest Hotels delays opening of Ft 8 billion spa, citing financing gap
Hunguest Hotels has pushed back the opening date for an HUF 8bn spa it is building in Szeged (SE Hungary) to February 2010 from December 2009 because of the challenge of financing the project in the midst of the crisis,... [read complete entry]
August 17, 2009, 09:20 CET
Sole bidder wins giant King's City casino tender
KC Bidding, related to the planned King's City tourist-complex at Hungary's Lake Velence, has won a concession tender for the establishment and the 20-year operation of a casino in the Central Transdanubia region, the Finance Ministry said on Friday. KC... [read complete entry]
August 11, 2009, 09:54 CET
Danubius slashes staff but continues investment in local hotel market
Hungary's Danubius Hotels has laid off 15pc of its staff, bringing headcount to the minimum necessary to operate, but only slightly reduced its investments spending since the end of 2008 in response to the crisis, CEO Imre Deak said in... [read complete entry]
August 10, 2009, 10:35 CET
Israeli developer plans long-term investment of Ft 75 billion for Balaton resort
Israeli-owned Pro-mot Hungaria plans to spend HUF 75bn over 10-20 years to transform Club Aliga, a resort on Lake Balaton it bought in a privatisation in 2007, into one of Europe's most elegant retreats, participants at a meeting of the... [read complete entry]
August 07, 2009, 10:53 CET
Best Bids (I): Sole player for state-run casino tender "jackpot"
Let's finish out the week with some cheerful/appalling recent news about companies that for one reason or another seem to have a lock on particular juicy tenders. First up is this story in last Friday's Világgazdaság, from which we learned... [read complete entry]
August 07, 2009, 10:32 CET
Guest nights at Hungarian accommodations drop 10% in first half of '09
Guest nights spent at commercial accommodations by Hungarian and foreign tourists fell 10.6pc to 7.336m in January-June 2009 compared to the same period last year, the Central Statistics Office (KSH) said on Friday. Guest nights in June fell 5.7pc to... [read complete entry]
July 31, 2009, 10:13 CET
Subsidies to Hungarian tourism to exceed €1 billion during 2007-2013
More than HUF 300bn in state and EU funding has been allocated for tourism developments in the 2007-2013 EU budget period, minister in charge of the prime minister's office Csaba Molnar said on Thursday. Hungary's thermal baths are a development... [read complete entry]
July 28, 2009, 12:20 CET
Investors in Hungarian golf courses facing fight for financial survival
Hungarian and foreign investors have invested billions of forints in golf courses in Hungary which now fight for survival, the daily Nepszabadsag said on Tuesday. "Operating a golf-course is indeed a risky business in Hungary," the deputy director of Polus... [read complete entry]
July 24, 2009, 10:20 CET
State subsidies, bank to help finance four-star hotel in Hódmezővásárhely
SK SAS Projekt Ingatlanhasznosito es Fejlestzo plans to build a HUF 1.3bn four-start hotel in the centre of Hodemezovasarhely (SE Hungary) with the support of HUF 377m in development funding from the Southern Great Plain Operative Programme, managing director Ervin... [read complete entry]
July 21, 2009, 09:14 CET
Big Balaton developer launches branding campaign for region
GreenField Consulting will be running the branding campaign on the Balaton Development Program, a scheme recently announced by SCD Group and Quinlan Private Group to promote their upcoming large-scale property development projects in the Balaton area. According to epulettar.hu, the... [read complete entry]
July 21, 2009, 08:29 CET
Colliers sees increasing slowdown in Budapest hotel developments
Although in the hotel development field Budapest is characterized by strong activity, projects that are still in the planning phase are becoming more frequently reconsidered and postponed. This property segment will weaken further in the future according to the opinion... [read complete entry]
July 16, 2009, 12:04 CET
Turnover down at Hungarian campsites as western tourists "disappear"
Turnover at property developer SCD Group's camping sites is down 10-20% so far this summer, spokesman Péter Elkán said. The drop in guest nights is blamed on unseasonal and wet weather last month, as pre-season bookings in the spring were... [read complete entry]
July 14, 2009, 09:55 CET
Something smells funny about Budapest spa outsourcing deal
Last week Budapest's landmark Rudas baths were closed for repairs, despite a half-billion forint renovation that was completed back in 2005. One of the problems was a plague of mold due to poor ventilation. So maybe it's good news that... [read complete entry]
July 10, 2009, 10:11 CET
Former Finance Minister disputes allegations over chateau deals
Former Finance Minister Janos Veres on Thursday denied that several state-owned chateaus would be sold to a French investor. In response to a reporter's question, Veres said that still as Finance Minister, he had held talks with French investors regarding... [read complete entry]
July 08, 2009, 09:48 CET
Hungarian tourism industry bracing for bleak summer
The summer does not look too bright for Hungary's tourism sector with the number of guests in accommodation falling over the first five months of the year, business daily Vilaggazdasag said on Tuesday. The number of guests in Hungary went... [read complete entry]
July 08, 2009, 09:41 CET
House Speaker says Hungary should not sell off important châteaux
State ownership over Hungary's most important chateaus should be retained, House Speaker Katalin Szili told reporters during a visit to the famous baroque Esterhazy Chateau at Fertod (W) on Tuesday. Control over those properties should be governed by "the best... [read complete entry]
July 07, 2009, 09:05 CET
Ft 600 million spa complex opens in Southwest Hungary
Hungary's Toma Bau has inaugurated a more than HUF 600m spa and swimming pool at the Martfu Health and Recreation Centre in southeast Hungary, bringing the company's total investments at the centre to more than HUF 1.5bn, Toma Bau CEO... [read complete entry]
July 06, 2009, 10:16 CET
Guest nights in Hungary drop 12% in January-May; slump accelerating
Guest nights spent at commercial accommodations by Hungarian and foreign tourists fell 12.1pc to 5.486m in January-May 2009 compared to the same period last year, the Central Statistics Office (KSH) said on Monday. Guest nights in May fell 14.1pc to... [read complete entry]
July 03, 2009, 10:26 CET
Budapest District V to sell off four landmark buildings
Budapest Fifth District council plans to sell the five-storey Párizsi udvar (courtyard) on Ferenciek tere as the local authority's Ft 500 million debt is "beginning to be unmanageable". A decision in principle has already been made to transfer the ownership... [read complete entry]
June 19, 2009, 11:32 CET
Building license for long-delayed "Euro Vegas" project said imminent
Hungarian authorities are expected to issue a building licence for a large development project dubbed Euro Vegas near the Austrian border in north-west Hungary within the next few weeks, business daily Napi Gazdasag reported on Friday. Local council officials in... [read complete entry]
June 17, 2009, 10:09 CET
Hotels exempted from full VAT hike
The government will apply the reduced 18pc VAT rate to commercial accommodations from July 1 under a Monday agreement between the government and the parliamentary group of Hungary's governing Hungarian Socialist Party (MSZP), Istvan Ujhelyi, state secretary at the Prime... [read complete entry]
June 11, 2009, 08:20 CET
Historic building in Sopron to become large four-star hotel
MH Scarbantia Hotel and the local council of Sopron on Wednesday signed an agreement to cooperate on the company's plans to spend HUF 6bn-8bn to transform a historic building in the city into a four-star, 400-room hotel. The project is... [read complete entry]
June 08, 2009, 10:43 CET
Guest night spent in Hungary slump 11.2% in January-April
Guest nights spent at commercial accommodations by Hungarian and foreign tourists fell 11.2pc to 3.854m in January-April 2009 compared to the same period last year, the Central Statistics Office (KSH) said on Monday. Guest nights in April fell 4.3pc to... [read complete entry]
June 03, 2009, 02:50 CET
Budapest conference business almost benefits from global slump
I just ran across a small but telling story that gives a hint of the opportunities and challenges Budapest's crucial convention and conference business faces in the current slump. According to this piece published in Conference and Incentive Travel magazine... [read complete entry]
May 26, 2009, 12:54 CET
Balaton hotels suffer as penny-pinching travelers favor bed-and-breakfasts
The global economic crisis has made travellers in Hungary more frugal: bookings at hotels around Lake Balaton, one of Hungary's most popular vacation spots, have fallen about 15pc, while reservations at cheaper bed-and-breakfasts are up more than 20pc, business daily... [read complete entry]
May 26, 2009, 09:42 CET
Former Communist Party resort to get luxury makeover
Plans are afoot for the rehabilitation and development of a former Communist party resort in Balatonvilágos, reports Napi Gazdaság. The developer, Pro-Mot Kft, acquired Club Aliga in early 2007 and is now drawing up the blueprints for a €300 million... [read complete entry]
May 15, 2009, 10:19 CET
Danubius Hotels' Q1 loss triples as revenue, occupancy slumps
Hungary's Danubius Hotels booked a first-quarter loss of HUF 5.15bn, more than three times the HUF 1.66bn loss in the same period a year earlier because of falling revenue and a big HUF 3.0bn -- mostly unrealised -- forex loss,... [read complete entry]
May 11, 2009, 09:44 CET
Guest nights spent in Hungary plunge 14% in Q1; drop accelerates in March
The number of guest nights spent in Hungary dropped an annual 14.2 percent in the Jan-March 2009 period, the Central Statistical Office (KSH) said on Friday. Guest nights in March fell 19.4 percent from a year earlier. In February, guest... [read complete entry]
May 04, 2009, 11:22 CET
Mellow Mood Group to complete Ft 8 billion transformation of expo center hotel
Hungary's Mellow Mood Group plans to complete an HUF 8bn transformation of a run-down hotel next to the Hungexpo Budapest Fair Center into a four-star accommodation that will serve all o the needs of expo-goers by the end of the... [read complete entry]
April 30, 2009, 08:43 CET
State, EU funding fuel Hunguest's new hotel projects
Hunguest Hotels is undertaking HUF 900m in developments at three of its hotels in northeast Hungary, CEO Istvan Hulvely said on Wednesday, signing a contract for HUF 350m in state and EU development funding for the projects.... [read complete entry]
April 22, 2009, 11:06 CET
Subsidies fuel hotel expansion in Northeast Hungary
Hoffmann Hotel on Thursday laid the cornerstone for a HUF 1.8bn expansion of its Hotel Ozon, in Matrahaza (NE Hungary), at the same time a contract for HUF 600m in state and EU support for the project was signed.... [read complete entry]
April 20, 2009, 08:56 CET
Several hotels to open in Budapest in 2009 despite crisis
In spite of the economic crisis, several hotels are expected to open in Budapest in 2009, especially in the area around the Elisabeth Bridge, according to a survey of the market by CB Richard Ellis (CBRE).... [read complete entry]
April 09, 2009, 09:32 CET
Courtyard hotel project in Budapest's District V probed
Fifth District deputy mayor András Puskás has ordered the district notary to launch an internal investigation in connection with complaints regarding a hotel constructed in the courtyard of an apartment building.... [read complete entry]
April 03, 2009, 10:52 CET
Ablon to complete Ft 19 billion Budapest hotel/shopping project by year-end
Property developer Ablon told MTI it plans to inaugurate a HUF 19bn hotel and shopping centre on Blaha Lujza Square, in the heart of Budapest, at the end of the year.... [read complete entry]
April 03, 2009, 10:42 CET
Budapest Airport calls tender for development and operation of planned hotel
Ferihegy International Airport operator Budapest Airport has called a two-round tender to develop and operate the Budapest Airport Hotel for a period of 60 years, Budapest Airport told MTI on Thursday.... [read complete entry]
March 23, 2009, 04:10 CET
Local governments fear blow to tourism by planned VAT hike
The tourism department of the Ministry of Local Councils published a report on Monday stating that Hungary's hotel and restaurant industry would lose HUF 18bn (EUR 60.08m) of its 2008 revenue of HUF 873bn if the planned three percentage-point increase... [read complete entry]
March 23, 2009, 10:13 CET
MKB Bank increases stake in firm building Budapest "Dream Island" complex
Hungary's MKB Bank raised its indirect stake in Alomsziget 2004, a company building an entertainment centre at Hajogyari Island, a Danube island in northern Budapest, from 29.88pc to 43.33pc under an agreement signed on March 19, 2009, the bank said... [read complete entry]
March 17, 2009, 09:36 CET
New hotel/office complex to open in downtown Budapest in May
A new hotel and office building, dubbed "First Site," will open on the former Úttörő Áruház (Pioneer Department Store) site on Kossuth Lajos utca in downtown Budapest this May, reports napi.hu.... [read complete entry]
March 17, 2009, 08:35 CET
Hungary's third Hilton to open in late 2009
Hungary's third Hilton Hotel is scheduled to open in Visegrad, about 40km north of Budapest, in Q4 2009, Hilton Hotel director Luca Crocco told MTI on Monday.... [read complete entry]
March 13, 2009, 08:22 CET
Number of international conferences and events in Hungary up 10% in 2008
The number of international conferences and exhibitions organised in Hungary grew 10pc to 588 in 2008, state tourism agency Magyar Turizmus said on Thursday.... [read complete entry]
February 24, 2009, 09:54 CET
New hotel/pool project ready to kick off in Újpest
This month will see the launch of a Ft 6.7 billion investment for a new, state-of-the-art pool and four-star hotel in Újpest, District IV. The developer is UTE Szálloda és Sportközpont Kft which bought the plot that will host the... [read complete entry]
February 17, 2009, 08:38 CET
Forex losses punish Danubius Hotels in fourth quarter
Hungarian hotels group Danubius Hotels posted HUF 2.29bn (EUR 7.72m) in pre-tax losses in the fourth quarter of 2008, to a large part due to financial losses, the company said in its unaudited consolidated IRFS report on the website of... [read complete entry]
February 11, 2009, 01:17 CET
Int'l investment group to build €1.5 billion tourism complex near Lake Velence
An investment group composed of U.S., Israeli, German and Hungarian entrepreneurs is planning to build a EUR 1.5bn tourist complex on a 70-hectare site located on the outskirts of Sukoro (C Hungary) near Lake Velence, the daily newspaper Nepszabadsag reported... [read complete entry]
February 11, 2009, 09:22 CET
Incoming tourism may drop in 2009 with Budapest hit hardest, minister says
Foreign tourism in Hungary may drop 5 percent in 2009, while domestic tourism is expected to stagnate due to the economic crisis, the local government minister in charge of tourism told reporters on Tuesday.... [read complete entry]
February 06, 2009, 09:32 CET
Hotel occupancy in Hungary dropped below 50% in '08; guest nights down 1.5%
Guest nights spent at commercial accommodations by Hungarian and foreign tourists fell 1.5pc in 2008 compared to the previous year. Guest nights in December fell 4.6pc from a year earlier, the Central Statistics Office (KSH) said on Friday.... [read complete entry]
January 26, 2009, 10:56 CET
Grand old hotels on Hungary's Great Plain get big makeovers
Five old hotels in Hungary's Southern Great Plain region are undergoing renovations worth a combined HUF 11bn, including EU development funding, business daily Napi Gazdasag reported on Friday.... [read complete entry]
January 22, 2009, 11:31 CET
20 or more hotel developments put on ice
More than 20 hotel projects have been suspended in Hungary due to a lack of financing, reports Index.hu via Napi Gazdaság. Gábor Tamás, managing director of UniCredit Bank, and unnamed OTP sources believe the drop-off is also due to reduced... [read complete entry]
January 13, 2009, 09:31 CET
EU to finance tourism development project at Lake Velence
A large-scale tourism development project will be carried out at Lake Velence in central-western Hungary by the year 2010, Velence's mayor said on Monday.... [read complete entry]
January 07, 2009, 10:24 CET
Luxury hotel to be restored in Salgótarján
A downtown Salgótarján hotel abandoned for a decade will be turned into a 150-capacity four-star wellness and conference hotel in a project worth nearly Ft 2 billion (roughly €7.5 million), Styl Képítő Kft has announced.... [read complete entry]
December 16, 2008, 01:07 CET
Construction of luxury hotels unbowed by financial gloom
While the global financial crisis has resulted in decreased demand in the hotel market, major hotel projects are continuing to go ahead in Hungary, mainly in the capital, writes Napi.hu. More than 20 new high-end hotels are expected to be... [read complete entry]
December 16, 2008, 12:17 CET
Hotel occupancy drops below 60% for first 11 months of 2008
The average occupancy rate at 3-5 star hotels in Hungary was 59 percent in January-November, down from 61 percent of the same period in 2007, the Central Statistical Office said on Tuesday.... [read complete entry]
December 03, 2008, 08:36 CET
Arab investors plan luxury spa hotel in Northwest Hungary
A group of Arab investors plan to spend billions of forints to build a 300-room luxury hotel and water park in Veszprem (NW Hungary), the city's mayor Janos Debreczenyi announced on Tuesday.... [read complete entry]
November 28, 2008, 07:58 CET
Turnover at Hungarian hotels drops 8%-10%
Turnover of Hungarian hotels fell 8-10pc over the past several months from the same period a year earlier, chief secretary of the Hungarian Hotel Alliance Istvan Kovacs said at a general meeting of the organisation in Sarvar (W Hungary) on... [read complete entry]
November 28, 2008, 07:49 CET
Long-shuddered historic Budapest hotel-spa complex to be rebuilt
A historic public bathhouse in central Budapest's Dohany Street will be rebuilt and is planned to re-open in 2010, daily Nepszava reported on Thursday.... [read complete entry]
November 26, 2008, 08:52 CET
Lánchíd 19 Hotel wins European design award
Budapest's Lánchíd 19 Hotel has won one of Europe's most prestigious design awards, writes property portal ingatlanmanadzser.hu.... [read complete entry]
November 18, 2008, 08:03 CET
Danubius Hotels Q3 pre-tax profit plunges 45%
Hungary's Danubius Hotels posted pre-tax profit of EUR 5.6m in the third quarter of 2008, down 45pc from EUR 10.3m in the third quarter of 2007, the company revealed in its unaudited, consolidated IFRS report on Monday evening.... [read complete entry]
November 17, 2008, 10:40 CET
Occupancy rate at Hungarian hotels drops further in October
The average occupancy rate at selected three-, four- and five-star hotels in Hungary was 61.4pc in October, down from 65.9pc in the same month a year earlier, the Central Statistics Office (KSH) reported on Monday.... [read complete entry]
November 12, 2008, 12:08 CET
Hilton may take over famed hilltop hotel in Budapest
Hilton Hotels could take over the operation of Hotel Normafa, high on a hill overlooking Budapest, business daily Vilaggazdasag reported on Wednesday.... [read complete entry]
November 07, 2008, 08:56 CET
Accor to upgrade Budapest hotel, new four-star to open in central location
A new hotel brand will appear in Hungary the following year while works on the Mercure Budapest Nemzeti will be completed, and the first Hungarian member of Accor's MGallery brand will open its doors, writes Napi Gazdaság (subscriber only).... [read complete entry]
November 05, 2008, 04:43 CET
€6.2 million renovation of historic Eger baths begins
A two-phase, Ft 1.6 billion (over €6.2 million) baths development project is underway in Eger. The first phase will be completed in spring 2009, while the second in 2010, writes Fürdőzz.hu.... [read complete entry]
October 30, 2008, 04:49 CET
Business hotel to be built at Ferihegy Airport
Budapest Ferihegy International Airport operator Budapest Airport (BA) is planning to build 250-room hotel at the airport, the business daily Vilaggazdasag reported on Thursday.... [read complete entry]
October 30, 2008, 01:40 CET
Questor wins EU grant to resurrect luxury Szeged hotel
Hungarian investment group Quaestor has won a HUF 600m EU grant for the renovation of a grand hotel shut down 30 years ago in the heart of Szeged, local daily Delmagyarorszag reported on Thursday.... [read complete entry]
October 27, 2008, 03:54 CET
Zenia Hotel to build Ft 12 billion hotel and bath complex in Budapest
Zenia Hotel has begun a HUF 12bn (EUR 45m) investment to build a four-star hotel and a thermal bath complex on the site of the former Hungaria Furdo and Continental Hotel in Budapest, the business daily Vilaggazdasag reported on Tuesday.... [read complete entry]
October 27, 2008, 01:21 CET
Corinthia to build five-star hotel and conference center west of Budapest
Corinthia will soon open a massive, five-star hotel comprising 200 rooms and 300 luxury apartments near the Fejér County town of Bicske, reports Világgazdaság. The establishment will also include a conference center, described as rivalling any currently operating in Budapest.... [read complete entry]
October 21, 2008, 11:33 CET
Austrian permits to be required for "EuroVegas" complex
A permit from Austrian authorites is likely to be needed before construction of the long-running "Eurovegas" project can go ahead, it has recently been revealed. According to Napi.hu, Austria wishes to participate in the impact assessment procedure related to the... [read complete entry]
October 02, 2008, 02:07 CET
Former alternative cultural center undergoing conversion into commercial property
A subscription-only report from MTI-ECONEWS announced that Hungarian property developers Gestor and BPI Hungary were planning to spend €45 million to renovate and convert a block of buildings in Budapest's District IX. The plan would result in new offices shops... [read complete entry]
October 02, 2008, 11:30 CET
Rumors swirl around Austrian hotel chain's possible exit from Hungary
Austrian hotel chain Rogner Hotels & Resorts GmbH appears to have lost their interest in Hungary, napi.hu reports. The company recently withdrew its name from the Spirit Hotel & Thermal Spa in Sárvár in western Hungary either because of a... [read complete entry]
October 01, 2008, 11:29 CET
Swiss developer to add €400 million expo center to sprawling Tópark project
Switzerland-based Walker & Williams Investment Group will build a €400 million exposition complex as part of the Tópark project currently being developed at the western edge of Budapest where highways M1, M0 and M7 meet, writes Napi Gazdaság (subscriber only).... [read complete entry]
October 01, 2008, 10:18 CET
Work to begin on €2 million boating/hospitality complex near Győr
Mosoni-Duna Csónakház Kft plans to build an extensive maritime and hospitality complex on the site of the former Richards boathouse on the Danube in Győr. Plans for the Ft 500 million (over €2 million) investment have been completed, and the... [read complete entry]
September 29, 2008, 07:49 CET
Budapest's city-owned spa operator to sell assets to fund developments
Local council-owned Budapest Spa plans to sell off some assets to raise HUF 4.5bn-5.0bn to modernise its baths, business daily Vilaggazdasag reported on Friday.... [read complete entry]
September 15, 2008, 03:10 CET
Budapest retail developments not expected to lose steam
Experts forecast that the booming retail development in Budapest will not lose its pace in the upcoming years, writes Napi.hu. Preliminary plans include the construction of 300,000 square meters of new retail space in the city. Major development projects include... [read complete entry]
September 01, 2008, 02:43 CET
Sole bidder wins tender for state-owned Budapest conference hall
Atlantis Congress and Events Hall Kft has won a National Asset Management Company (MNV) tender as the sole bidder to conduct the property management and operation of the unfinished Tuskecsarnok hall located in Budapest's Infopark, National Asset Management Company (MNV)... [read complete entry]