Oman invests in Budapest
State General Reserve Fund, an Oman sovereign wealth fund, has completed the acquisition of the Four Seasons Gresham Palace Hotel in Budapest.
24 November 2011
“The sale of the property to SGRF, a highly respected long-term international investor, is a testament to their confidence in the Budapest hospitality market and serves as a very positive development for the hotel,” said Antoine Corinthios, president of EMEA(Europe, the Middle East and Africa) for Four Seasons Hotels and Resorts.
The landmark Art Nouveau building - its history started in 1906 - is well located adjacent to the Széchenyi Chain Bridge on Pest side, and reopened after an comprehensive renovation in 2004 when Four Seasons opened a 179-room five star hotel.
Four Seasons Hotels Inc., Toronto
Four Seasons Hotels Inc., Toronto, will continue to operate the 179-room luxury hotel and manage its 85 hotel and resort portfolio. The amount of the acquistion has not been available in public according to media reports but it considerably inspires Budapest hotel as well as propertyl market with lower liquidity assets.
"We see the hotel as a premier asset in the Budapest market, a market that is in the right phase of the RevPAR/valuation growth cycle, which has the potential to yield significant upside over the longer term," said a State General Reserve Fund representative.
- 1. CNN - Water polo is part of Hungary's DNA
- 2. Tímea Babos continued her breakthrough
- 3. Film friendly production - Shoot in Hungary
- 4. Hungary started to repay IMF loan of 2008
- 5. Crédit Agricole to quit Hungary
- 6. Diehl Group in Nyírbátor
- 7. The Necessary Death of Charlie Countryman
- 8. Hungarians to drink Canada Dry?
Sign up for updates