Konzum acquires 100% of Hunguest Hotels

Hotels

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Konzum, a holding company owned by the property developer Gellért Jászai, has acquired 100% of Hunguest Hotels through two of its units, Konzum announced in a statement published on the Budapest Stock Exchange late Monday.

Hotel Palota in Lillafüred, which remains in Leisztingerʼs ownership (photo Wikipedia Commons).

The company acquired a total of 14 Hunguest Hotels units, Jászai told Hungarian daily Magyar Idők this morning. Citing business confidentiality, the purchase price of the units was not disclosed, though Jászai said state-owned Magyar Eximbank had financed “less than 15%” of the price with a HUF 3.3 billion loan. 

Sun Resort in Montenegro, Hotel Heiligenblut in Austria, Hotel Forrás in Szeged and Hotel Palota in Lillafüred, the latter two both in Hungary, remain under the ownership of investor Tamás Leisztinger, Hungarian news agency MTI reported. However, these hotels will operate as franchise members in future, Leisztinger noted.

Hunguestʼs revenue has risen almost 20% in the last five years to reach net HUF 13 bln last year, Leisztinger added, according to MTI. Jászai said he is planning to renovate the hotels and expand further as strategic goals, but added that the focus would remain on Hungary and domestic tourism, according to MTI.

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