Budapest-based K+F Kutatas-fejlesztési Tanácsadó Központ on Wednesday laid the cornerstone of a HUF 3.7 billion hotel next to the Pápa thermal spa (NW Hungary).
Project company K+F Pannon Hotel Projekt won HUF 445 million in European Union and state grants for the project, to be called Best Western Hotel Papa, said managing director László Jaczkó. The bulk of the remaining costs will be financed from foreign loans.
The four-star, 133-room hotel is expected to be completed by the spring of 2012. The hotel will have a conference room with a capacity for 250 people and a 200-seat restaurant.
Pápa mayor Zoltan Kovacs said the neighboring thermal spa was undergoing HUF 1 billion in developments that will add pools, a wellness section and a health centre to the facility. The project is supported with HUF 400 million in European Union funding. (MTI-Econews)