The Dare Group, owned by private Hungarian investors, has purchased the Taverna group, whose ten companies own a hotel property portfolio worth Ft 20 billion, for an undisclosed price, Dare said in a statement on Sunday.
Taverna's property portfolio includes the Hotel Taverna, the Hotel Liget, City Hotel Mátyás, the Mátyás Pince Restaurant, City Hotel Ring, City Hotel Pilvax and the Pilvax Restaurant. Dare made the purchase in order to add hotel properties to its existing portfolio of industrial and office properties, president-CEO Péter Kovács said. The purchase was closed on September 29 after more than six months of negotiations, he added.
With the purchase, Dare has become one of Hungary's biggest property management businesses. Its property portfolio before the purchase was worth about Ft 12 billion and included offices, apartment complexes and an industrial park.