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Hungexpo hotel sale gets go ahead

Privatization agency ÁPV Zrt late last week gave the go-ahead for the sale of the hotel located on the Hungexpo trade fair site in Budapest’s 10th district, daily Magyar Hírlap reported.

The buyer, a French-Hungarian consortium of GL Events and Trigránit Zrt, must undertake to restore and reopen the hotel in two years. The consortium last March won a privatization tender to buy Hungexpo Zrt, the owner of the exhibition and fair center. GL Events and Trigránit paid Ft 8 billion for a 77% stake in the company and pledged at the time to spend Ft 5 billion (€20 million) between 2005 and 2009 to develop the site. But with over a year and a half past, the investment still hasn’t started and is unlikely to begin before next spring due to the local government’s delay in drawing up an urban renewal plan for the area, the paper said. (Magyar Hírlap)