Italy's Boscolo Group reopened at the weekend Budapest's famous New York Palace hotel after completing a €80 million (Ft 21 billion) renovation.
The Boscolo Group bought the hotel in 2001, paying Ft 2.15 billion, (€9 million) at the time. The group also purchased an adjacent property, which was torn down to make room for a new wing of the hotel. The wing, which will bring the hotel's number of rooms from 107 to 180, as well as add a 500-seat conference room and a multi-level underground parking garage, is still under construction.
The hotel's famous New York Cafe, a meeting place for the capital's literary elite between the two world wars, was also reopened.
Room rates at the New York Palace vary from €290 to €500 per night. The hotel's royal suite may be had for €2,500 per night.
The New York Palace is Budapest's 14th five-star hotel.