Report: Hunguest Hotels to sell Hungarian properties

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Hunguest Hotels plans to keep its holdings in Austria and Montenegro but will sell its Hungarian properties, and an ambitious development near Lake Balaton, shelved in the wake of the financial crisis, is allegedly behind the sale, according to reports.

Due diligence is being carried out by the law firm of Dr. Kertész regarding Hunguest’s holdings and it is believed that the significant investments planned by developer Jászai Gellért over a decade ago at Hunguest properties near Lake Balaton are a motivating factor in the sale, Hungarian daily Magyar Idők reported today.

Kertész is reportedly the legal advisor that has been working with Jászai Gellért over the past decade and has been a member since 2010 of the board of SCD Group, which coordinated investments for companies belonging to Jászai Gellért. 

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