Spain's Common Future Kft acquired a 49% stake in the Sóstó Park Hotel (Nyíregyháza, E Hungary) for HUF 1.4m (€5,176) from the Szabolcs-Szatmár-Bereg County local council, according to a council resolution on Thursday.
Common Future Kft is owned by Toledo-based Futurvalia and the Spanish-owned, but Hungarian-registered, Hispanium Investments Hungary Kft.
The municipality decided in 2007 to operate the three-star hotel as a company with the intention of at least breaking even on the venture over the long run, however, expenditures exceeded revenues and the county council had to provide the facility with funding of close to HUF 60 million over the past two years.
The hotel is not suitable for profitable operation in its current state, while hotel capacity needs to be increased in the Sóstó resort area, Municipal Council Chairman Oszkár Seszták emphasised. Sesztak said the municipality expects the sale to minimize losses, with hotel services remaining the main activity of the company.
Sóstói Park Hotel Kft had revenue of HUF 100 million last year, with losses of HUF 5.4 million, while receiving operating funding of HUF 32.9 million. (MTI-Econews)