Development Project 200 Keys Branded Opportunity Central Budapest With AAA Rated International Group As A Leased Tenant
Location: Blaha Lujza Square, Central Budapest, Hungary
Name: TBA
Guide Price: €9m as is…Budget to build: Plus €15-16m to include permits and ready to open
Guide Price per Key: TBA
No. of Keys: Just shy of 200
The Opportunity:
A freehold site has been acquired, with a long-term step up double-net fixed lease tenant in place, planning permit, with a franchise agreement in place with one of the Top Six global hotel chains, with other hotels already in the city. The plan is to open as a limited service operation with restaurant, bar, 195 sqm rooftop bar and parking. Average room size 18.5 – 20 sqm. GFA 7,500 sqm. 9 storeys to include ground and one lower ground floor.
The surrounding area is being rejuvenated to create a fabulous pedestrian area with theatre, bars and restaurant at the hotel’s doorstep. The opportunity is available either as an asset, or share deal, and either as development project or as a turnkey, open hotel.
The lease agreement is 25 years with two 10-year extensions. The hotel is ready to open in 2023. MM
Flag & Management: Deals in place for both
Current Owner: Private company
Main Photo: The City of Budapest – photo credit: Hotels.com
Financials: Floor Plans and Business Plan after submission of an EOI
Tenure: Freehold
Agent: Local agent in partnership with THPT
Date Posted: January 2022
THPT Comment: This is a fab investment opportunity with both a world-class brand and management company. Great location with an exciting development in place
Hotel & Serviced Apartment owners can be naturally reticent in publicising their property is for sale…for confidentiality reasons, for staff and current client reasons, so the properties featured in this section will either be “generic” or “name specific”
Each week we mail the opportunities posted in that period, but check-out the tab “Hotels Available” and call us for details of “Under the Table” – deals not posted on the site at all.
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MISREPRESENTATION ACT 1967. This information is provided as a general guide and is not intended to be constructed as a statement of fact upon which interested parties can rely. All interested parties should make their enquiries by inspection or otherwise. Neither The Hotel Property Team (trading name of Impetus Marketing 2006 Ltd) nor any person in our employment has the authority to make, give or imply any representation or warranty whatsoever relating to the premises referred to in these particulars. These details do not constitute any offer, contract or any part thereof and all negotiations relating to the premises should be conducted through THPT.
