Tribe Budapest Airport will operate in direct connection with the existing three-star Ibis Styles Budapest Airport, which opened in 2018. The new addition will be an essential element of the airport’s infrastructure expansion program and is intended for business and leisure travelers, according to Wing, the developer behind both hotels.

The 8,000 sqm Tribe Budapest Airport will be the brand’s second hotel in Hungary and provide 167 rooms. “We are proud that our group is implementing its second development project at Budapest Ferenc Liszt International Airport; the new terminal-connected hotel will meet the needs of guests wishing to stay near the airport at the highest quality standards,” comments Noah Steinberg, CEO of Wing.

“As Hungary’s largest international airport is a key location for the Hungarian tourism industry, the opening of the Tribe hotel in 2025 will be a major milestone for both Wing and the airport. The new facility will further expand the airport’s service infrastructure, and our group will join the select club of real estate developers that have already delivered at least 1,000 hotel rooms in Hungary,” he says.

Welcome Development

Balázs Bogáts, the deputy chief commercial officer of the airport operator, also welcomed the news.

“Budapest Airport’s passenger traffic in 2024 is forecast to exceed the record year of 2019. The construction of the new hotel, a joint development with Wing, is another important step towards maintaining a high quality, comfortable and diverse service in and around the airport as passenger numbers continue to grow. We are delighted to see that the construction has reached another milestone, and business and leisure passengers will be able to take possession of the new hotel as early as 2025,” he says.

Tribe Budapest Airport Hotel will feature a 150-seat conference area, two meeting rooms, a fitness center and a rooftop skybar. It will also be one of the first Breeam-certified hotels in Hungary.

Wing will operate the building under a management agreement with Accor. Swietelsky Magyarország carried out the structural work of the hotel, with general construction done by Bernecker, which has already started the fit-out works. Ester’s Partners is responsible for the interior design.

Taylor Wessing Advises Local Investors on Student Accommodation Project

The law firm Taylor Wessing has advised Recorde Asset Management and Forestay Group on the acquisition of a building in the Gellért Hegy area, which, after renovation, will become the Móricz Student Living residence and office building. The Budapest office of Taylor Wessing acted as transaction and corporate legal adviser on the deal.

The Recorde Forestay Residence Real Estate Fund, managed by Recorde Asset Management of the Concorde Group, acquired the building in June in a strategic partnership with Forestay Group, which will also oversee the development. Financing for the acquisition and refurbishment was secured through a loan from the Austrian bank Hypo Bank NOE, with Taylor Wessing Budapest and Kálmán & Partners providing legal advice.

“The segment possesses a huge untapped potential, and we hope that more visionary investors have recognized this,” comments Dániel Ódor, partner and head of real estate at Taylor Wessing Budapest.

The Móricz Student Living project is set to open on Sep. 15. It aims to address the increasing number of international students and tourists in Budapest by creating an innovative student hotel. Recorde and Forestay had been seeking a suitable project for this purpose for some time. The 15,440 sqm building is undergoing partial internal renovation supervised by Forestay and will include 72 double rooms for long-term stays and traditional short-term rentals.

Safestay Hostel Brand Acquires Site in Central Budapest

As part of a European expansion, Safestay Hostels has purchased a building in central Budapest for a 150-bed hostel from Curzon Capital; the refurbishment project is subject to planning approval. The hostel provider currently has 18 sites providing 3,580 beds in shared dormitories or hotel-type accommodation with en-suite bathrooms.

IWG Establishes Budapest HQ Brand

IWG’s new HQ brand of modern, flexible workspaces has made its debut in Hungary after opening in Budapest. Many property owners have vacant space to fill with the decline in demand for traditional office real estate. They are choosing to partner with IWG’s hybrid working platform and benefit from multiple brands, including Regus, Spaces, HQ, and Signature, says IWG.

The new HQ F99 is located at Fehérvári út 99. in southern Budapest and is in the process of Breeam “Very Good” certification.

“Hybrid working has become an irreversible trend and is a better working model for people, profits and the planet. It is no surprise that companies and their employees in Budapest continue to shift to the hybrid way and enjoy the flexibilities and benefits it brings,” says Yulia Lytvynenko, country manager and sales director for Ukraine and Hungary.

“We are very pleased to introduce this latest cutting-edge hybrid working facility in the capital. We are seeing strong growth in the region and are optimistic about further expansion opportunities throughout Budapest and Hungary,” she adds.

This article was first published in the Budapest Business Journal print issue of September 6, 2024.