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30th January, 2020

Budapest to bid for Rác baths

Budapest is going to file a bid of up to Ft 7.4 billion to buy the assets of bankrupt bath and hotel complex the Rác Fürdő, city council decided on Wednesday.

The spa and the adjacent 67-room hotel at the foot of the Gellert Hill in Buda has sat empty ever since it was renovated and modernised more than ten years ago.

The owner company is managed by state-owned receiver Reorg, which has not yet invited bids for the assets.

The city has a pre-emptive right to buy the complex, but so does the state, which is also considering a bid.

By participating in the bidding, the new leadership of the city would like to prevent the sale of the spa and hotel at extremely low prices, Napi reports.

The website adds that some documents concerning the Rácz saga disappeared from city hall before the new leaders could see them.

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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