Parizs Property, a member of Mellow Mood Group, confirmed on Friday that it is building a five-star hotel for HUF 12.5 billion at the landmark Párizsi udvar in Budapest, to be finished in May 2018.
János Hermesz, project manager for the company, said the price includes the purchase price of the property, renovation of the historic building according to its original look, and construction work.
Tamás Fazekas, the future manager of the hotel, said the facility will have 110 rooms, 18 suites, conference rooms and a wellness section.
Mellow Mood Group signed a contract in 2015 with architectural firm Archikon on planning the renovation work. Parizs Property acquired the historic building in the city center from the District V local council for HUF 2.1 bln in 2014.