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Hunguest Hotels acquires stake in Montenegrin hotel company

Hunguest Hotels Zrt has acquired a 33% stake in HTP Boka AD, a hotel company in Montenegro, CEO of Hunguest Hotels István Hülvely announced at a press conference held at the Travel 2006 trade fair in Budapest on Friday.

Hunguest, which already has a hotel complex in Montenegro, plans to acquire more of Boka after the state announces as expected a tender to privatize a 60% stake in the company, Hülvely said. He added that Hunguest plans big investments in Montenegro, and is also interested in buying hotels in South Croatia.


The company will spend €11 million to renovate its hotel complex on the Bay of Kotor by summer 2007. Hunguest bought the complex in a privatization tender in 2004 for €1.8 million and opened the first renovated section in March.


Hunguest Hotels owns 24 hotels in Hungary and 3 in foreign countries. Guest nights at all of the hotels exceeded 1.5 million in 2005.