BudaPart adds mixed-function hotel/office building
The fourth phase of the BudaPart real estate development in Budapest is now underway. The new phase marks the construction of a new building called BudaPart DOWNTOWN, which will function as a hotel and an office building at the same time, according to a press release sent to the Budapest Business Journal.
The Radisson Hotel Budapest BudaPart will be operated by the international hotel chain Radisson Hotel Group. The full-service hotel is planned to deliver Scandinavian-inspired hospitality, enabling guests to focus on a work-life balance and find harmony in their travel experience.
The hotel which will cover more than 11,000 square meters, will have 198 rooms, 174 of which are standard and 24 are superior. It will also feature a restaurant for 175 people, conference rooms, a skybar, and a fitness room.
The office building section of the building, integrating innovative and environmentally friendly building solutions, will offer nearly 8,000 sqm of office space and 350 sqm of retail space over seven floors, as well as two underground garage levels, a ground floor, and a mezzanine level.
BudaPart DOWNTOWN has been designed with the aim to minimize the building's energy and water demand, using multiple technical building solutions, and focusing on renewable, green energy usage. The building is the third of 13 office buildings to be completed at BudaPart. Market Építő Zrt., the general contractor of the neighbourhood has already launched the construction, with the complex expected to be fully completed by 2023.
"Our BudaPart project is moving forward with full steam, no work will be suspended, we are sticking to our schedules in implementing the developments we had planned. Our products constantly prove themselves, this is why we are already at the fourth stage and at almost a third of the total investment. We are committed to uphold BudaPart as one of the major office districts in the capital, and I am very pleased that our development project has grown to enter the hotel market, further contributing to our business partners’ convenience. Through the agreement concluded with Radisson Hotel Group, we can further elevate the standards of the neighborhood and expand by integrating yet another decisive service into BudaPart's portfolio," said Mihály Schrancz, managing director of Property Market.
David Jenkins, vice president of business development for East Europe area at Radisson Hotel Group, said, "We are extremely proud to introduce the first Radisson branded hotel in one of Europe's most exciting capitals and within what is an extensive development on the Buda side of the city. The new signing will complement our existing portfolio of five hotels (998 rooms) in operation and under development in Hungary and will be our fourth hotel in Budapest. We're optimistic that 2021 will see continued recovery in the tourism sector and we look forward to further expanding our footprint in Central Eastern Europe."
In addition to the Radisson Hotels in Budapest, Sárvár and Zalakaros, the group is also currently developing the Radisson Collection Basilica, Budapest. The historic landmark property is scheduled to open in late 2021.
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.