Wing has sold the Angyal Office Building, adjacent to Boráros tér in central Budapest, to French economy hotel chain B&B Hotels, which is set to convert the building into its first Budapest location on 7,700 square meters, according to a press release sent to the Budapest Business Journal.
The building will be converted to a hotel based on the two companies’ strategic agreement. Changing the former office building’s function is justified by its location, the press release argues, as the building is situated close to downtown, the business district and popular Ráday utca, with Danube views and great public transport connections, while also being within easy reach of the M1, M5 and M7 motorways.
“Wing’s goal is to provide complex real estate solutions to leading multinational and domestic companies active in Hungary or seeking to expand on the Hungarian market, and looking for a professional partner with market expertise and references,” said Noah Steinberg, Wing chairman and CEO. “It gives us great pleasure to be able to support B&B Hotels as they enter the Hungarian market through a property with excellent attributes, making use of our real estate development expertise as well.”
“B&B Hotels is very pleased to announce its first establishment in Hungary. This acquisition is indeed the first step towards the opening in 2020 of a 214-room hotel, located in the heart of a dynamic and central neighborhood of Budapest,” said Fabrice Collet, head of B&B Hotels. “B&B Hotels thus intends to propose an innovative hotel offer which combines a design concept, attractive prices and a high-quality service conceived for both business and leisure customers.”
Collet noted that the project is part of the groupʼs expansion strategy in Europe, and is evidence of its desire to further develop in Hungary and in the neighboring countries.
The development is Wing’s second hotel project recently, as Hungary’s first airport hotel with direct terminal access, the ibis Styles Budapest Airport Hotel, opened its doors at the beginning of last year.
Since its establishment in 1990, B&B Hotels has grown to be Europe’s third largest economy hotel chain, operating more than 470 hotels across the continent. In the CEE region, the chain operates six units in Poland, one in Slovenia, and one in the Czech Republic. The chain also plans several projects in Slovakia, Croatia, and Bulgaria.