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14th January, 2020

EIP plans 300-room hotel in Budapest

Czech-based Europa Investment Property (EIP) is planning to build a 300-room hotel in Budapest’s 10th District on Hungária körút, according to reports.

The outer Pest ring road of Róbert Károly, Hungária and Könyves Kálmán boulevards has a scarce supply of hotels but has become an attractive target for office developers, Portfolio observes.

The proposed property development will also include construction of a conference centre and restaurants.

EIP, a real estate developer with two decades of history, is planning to finance the Ft 13 billion project by issuing bonds.

EIP plans to start construction in 2020 and to complete the project by the end of 2021, said sales manager Bálint Hegyvári.

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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