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SCD could turn historic buildings in city center into luxury hotels

Hungarian property developer SCD Group could turn two historic buildings on one of Budapest's main squares into luxury hotels, District V deputy mayor András Puskás told MTI.

SCD Group won a tender to purchase the two buildings, along with a third which faces Saint Stephen's Basilica, with a bid of HUF 5.3 billion in the autumn, according to press reports. SCD Group agreed to renovate the landmark buildings following the specifications of the National Landmark Protection Office.

The local council learnt that the buyer wants to turn the Parisi udvar and the southern Klotild palota on Ferenciek tere into luxury hotels, but the plans could change, Puskás said. The buyer has already signed the purchase contract with the local council, but must wait until 90 days after the signing to allow for the exercise of pre-emption rights, he added. Agreements with the affected residents on providing homes in exchange or financial remuneration have been reached, he said.

The 90-day period ends in a few days.

The details of the deal will be announced when the contract comes into force, Puskás said. (MTI – Econews)