Budapest hotel market prepares for boom
Development projects currently in the pipeline could add another a further 1,400 rooms by the end of the year, while the total volume of rooms in projects under construction exceeds 3,000, with 85% of these in Budapest.
The first half of 2019 brought two hotel investment deals on the market as well as the acquisition of an office property that will be developed into a hotel. The combined amount of these investments came to EUR 102 million (HUF 33 billion). In the first quarter, FLE bought the 135-room Achat Premium Budapest, while WING acquired the conversion project Angyal Irodaház with the intention of turning it into a hotel. The second quarter saw one of the biggest local hotel deals in recent years as Indotek bought Hotel Gellért from Danubius Hotels.