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24th June, 2019

Danubius sells Gellért Hotel

The Danubius Hotels Group has signed an agreement on selling the Gellért Hotel in Budapest’s 11th District to Hungarian investor the Indotek Group, the two companies announced on Friday.

The spa hotel will be fully renovated and transformed into a five-star hotel.

Danubius failed in its effort to find a strategic investor for the renovation and joint operation of the hotel, so the hotel was sold, said deputy chairman Mark Hennebry.

Danubius will continue to operate the hotel until the sale is completed.

After renovating the Gellért, Indotek would like to sign an operating contract with a prestigious international hotel chain, CEO Dániel Jellinek added.

The Art Nouveau style hotel opened in September 1918.

The St. Gellért spa adjacent to the hotel is not affected by the contract, as it is operated by the city of Budapest.

Sources regularly consulted, with abbreviations used in text: Népszabadság (N); Magyar Hírlap (MH); Világgazdaság (VG); Napi Gazdaság (NG); Magyar Nemzet (MN); Népszava (Nsz); Kossuth Rádió news (KR); nightly TV news (TV).

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