BDPST Group to Acquire Landmark Gellért Hotel
Hungary's BDPST Group, which specializes in buying and renovating landmark buildings, has agreed to acquire Budapest's grand Gellért Hotel, near the Danube, from Indotek Group, BDPST Group said on Friday, according to a report by state news wire MTI.
BDPST Group did not reveal any further details as the transaction has not been closed.
The group aims to transform the listed building, which has been closed for a year, into a modern, five-star hotel with 139-150 rooms and suites, while preserving its value as a landmark.
BDPST noted that the renovation will not affect the Gellért Baths, which were earlier separated from the hotel to allow their independent operation.
BDPST Group majority owner István Tiborcz, who is also the son-in-law of Prime Minister Viktor Orbán, said the renovation of the art nouveau building would be a "milestone" in the development of the capital's offering of upscale hotels and could further strengthen the city's attractiveness as a tourism destination.
Danubius Hotels sold the Gellért to Indotek Group in the summer of 2019.
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