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Russian-Hungarian venture set to revive moribund wellness project

Timax Kft, a Hungarian-Russian joint venture, is set to spend nearly HUF 2 billion in an attempt to revive a thermal spa investment in Nagybajom, west Hungary, which ended prematurely five years ago, daily Napi Gazdaság reported.

Construction of a spa wellness complex in the small village began in the early 2000s, but  the project foundered in 2004 when the previous investor's financial sources dried up. As part of the forthcoming investment, some HUF 1 billion will go toward four new pools, a 500-sqm wellness unit, a sauna house and a jacuzzi.

The project will be completed in two phases, with the first phase scheduled to be wrapped up in a year. Timax plans to build a four-star hotel in the second phase for another HUF 1 billion. Nearly HUF 500 million of the costs will be covered by the EU. The investment is specifically geared toward Russian  tourists, who visit Hungary's countless health spas in increasing numbers.