Five-Star Budapest Hotel Sofitel To Change Hands

  • 19 Nov 2019 8:29 AM
  • Hungary Around the Clock
Five-Star Budapest Hotel Sofitel To Change Hands
US-Hungarian investment management and property developer the Indotek Group has acquired five-star luxury hotel Sofitel for €100 million, HVG reports.

The purchaser is owned by Daniel Jellinek, who was ranked 15th on the richest Hungarians list in 2018 with an estimated net worth of Ft 65 billion.

Miami-based international investment firm Starwood Capital acquired the prestigious Sofitel, the former Atrium Hyatt, near the Chain Bridge in 2017 for €75 million from Orbis, one of the best-known hotel groups in Central Europe.

Indotek plans a complete renovation of the hotel exterior and interior in three phases by 2022, and will add a rooftop bar and restaurant.

The Indotek Group, owner of 300 properties worth hundreds of billions of forints by book value, acquired the Gellért Hotel last year and owns dozens of shopping centres, industrial buildings and warehouses.

The Sofitel deal requires the approval of the competition authority GVH.


MTI Photo

  • How does this content make you feel?

XpatLoop Media Partner

Hungary Around the Clock

Since 1995 Hungary Around the Clock has proven to be one of the most comprehensive sources of daily English-language news about Hungary. It covers ongoing domestic politics and foreign relations, as well as business and economic matters. For a free trial of HATC visit www.hatc.hu and click on 'Free Trial Subscription’.

Explore More Reports

  • Indotek Acquires Shopping Malls In Hungary From Klépierre

    Indotek Acquires Shopping Malls In Hungary From Klépierre

    • 13 Aug 2019 8:39 AM

    Hungaryʼs Competition Office (GVH) has cleared the acquisition of a number of shopping malls owned by Franceʼs Klépierre group by the Hungarian-American Indotek Group, a resolution posted on the GVH website shows, state news agency MTI reported.

  • Indotek Acquires Hotel Gellért From Danubius

    Indotek Acquires Hotel Gellért From Danubius

    • 25 Jun 2019 7:39 AM

    The largest hotel group in Hungary, Danubius Hotels Group, has sold the Hotel Gellért to property developer Indotek Group, which plans to restore the Budapest landmark to its former glory, the two parties have announced, as reported by business news site uzletem.hu.