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€800 million invested in hotels in Hungary

Today Világgazdaság, business daily, estimated a total of Ft 200 billion (€800 million) investment in hotel development projects in Budapest and other parts of Hungary by the end of 2008.

Projects between 2006 and 2008 would result in 100 new hotels, the majority of those facilities being up-market. A new era began for Budapest’s hotel industry around 2004, after a depressed period, that followed the terrorist attacks on September 11, 2001.

Four Seasons opened its luxurious Gresham followed by the opening of the Boscolo - New York Palace last year. Current projects to be completed in 2008 include the Klotild Palace in the city center and the luxurious Baglioni Hotel Rácz Thermal Spa, another five star hotel which will incorporate a reconstructed spa built in the 17th century, the paper said. Rácz Baglioni will have 62 rooms, a lounge, two restaurants, and an 80-person conference hall.

Builders of Rácz Baglioni have another great development plan, to build a funicular train, connecting Taban and the Citadel. Though foreign investors are primarily interested in opportunities in Budapest, other areas such as the Danube Bend north of the capital and Lake Balaton in the west have also attracted major projects, Világgazdaság said, quoting property development experts. (,