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Grecotel unit to buy stake in Budapest hotel

Grecotel SA, Greece's largest hotel chain, is buying a stake in a Budapest hotel as part of a plan to expand in Eastern Europe, newspaper Imerisia reported without naming its sources.

Grecotel's Daskalantonakis Group unit agreed to purchase a controlling stake in a major Budapest hotel, which the newspaper did not identify. The agreement to acquire the stake was made in the past few days, the paper said.
The Athens-based company bought Belgrade's Metropol hotel from the Serbian state last month for €27.4 million and acquired a controlling stake in the Sheraton hotel in Sofia, Bulgaria in 2002. Grecotel, whose 20 Greek resorts are jointly owned with Europe's largest travel company TUI AG, runs a total of 40 hotel properties, mostly in Greece.