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Liquidation procedure launched against operator of four-star hotel on Lake Balaton

A liquidation procedure has been initiated against Wossala Hotel, which operates the four-start Hotel Ramada in Balatonalmadi, regional daily Veszpremi Naplo said on its website on Wednesday.

Wossala Hotels took out a HUF 2.9 billion Swiss franc-denominated loan to finance a renovation in 2005. It paid back HUF 1.1 billion in principal and interest but still owed HUF 4.9 billion because of the strengthening of the franc to the forint, liquidator Mihaly Safrany told the paper. The company had annual revenue of about HUF 1 billion in 2010, he added.