Indotek acquires Hotel Gellért from Danubius
Photo by maziarz / Shutterstock.com
The largest hotel group in Hungary, Danubius Hotels Group, has sold the Hotel Gellért to property developer Indotek Group, which plans to restore the Budapest landmark to its former glory, the two parties have announced, as reported by business news site uzletem.hu.
The Art Nouveau Hotel Gellért at night (photo by maziarz/Shutterstock.com)
Indotek plans to renovate the Art Nouveau Gellért, preserving it, while also upgrading it to a five-star hotel within a few years (it is currently a four-star hotel).
Danubius VP Mark Hennebry said the company had looked, unsuccessfully, for a strategic partner or financial investor to team up on a renovation of the Gellért for the past two years, when Indotek made an offer to buy the hotel.
Danubius will continue to operate the hotel until it undergoes the renovation. Afterwards, Indotek will entrust the operation of the Gellért to an international chain with experience running luxury hotels. Indotek has more than 300 properties in its portfolio.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.