The joint owner-CEOs of the Mellow Mood Group, Zuhair Awad, left, and Sameer Hamdan onsite at the Párizsi Udvar.

The inauguration of the five-star Párizsi Udvar Hotel in central Budapest was planned in June 2018, but is now likely to take place some time in autumn next year, Fazekas said, quoted by online portal index.hu. A further 1,400 square meters of ceiling needed to be dismantled, which increased costs by HUF 700 million, reaching a total of HUF 13.1 billion.

As for further works, Petőfi Sándor utca, now partly closed for pedestrians, will be reopened on December 23, but at the same time the construction site will be extended. As a result, the bus stop will be moved by 10 meters, index.hu reports.

Párizs Property, a member of the Mellow Mood Group, acquired the historic building in the city center from the District V local council for HUF 2.1 bln in 2014.

As reported earlier, Párizs Property is partnering with Hyatt Hotels Corporation for the new project, which will form part of Hyattʼs “Unbound Collection” brand.