Discount hotel to launch in October - Budapest

Hotels

The first outlet of the easyhotel low-cost hotel franchise is to open in October, the daily Napi Gazdaság reports.

The facility will be operated by the 50%–50% joint venture of Richard Lloyd and Kornél Tokics, Medscan Kft. Tokics told the paper that refurbishing the real estate asset - which was bought for an undisclosed sum in the sixth district of Budapest - for the purpose cost Ft 200 - 210 million ($1,1 –1,16 million), which was covered from bank loans. The hotel will offer 60 rooms, and Tokics hopes that from the very start a 60%–65% capacity is attainable, thus the invested amount will return in ten years. The Budapest hotel will offer rooms for €29 ($40) a night, and is counting on domestic demand as well as foreigners, Tokics said. Opening further outlets in the capital will depend on the success of the first, he added. (Napi Gazdaság)

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