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HATC SAMPLE EDITION:
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16th January, 2025
Tiborcz transforming historic building to hotel
A protected building formerly owned by the state opposite the Market Hall on Fővám tér in Budapest is being converted into a 36-room hotel by Estoril Property, a company owned by the Tiborcz-based Central European Real Estate Fund, anti-corruption website Átlátszó reports.
The building has been owned by the state since 1952, and indirectly through the company TIG since 2009.
The state started liquidation procedures for TIG in 2015, and then offered it for sale in 2017 for Ft 1.6 billion.
The building was eventually sold for Ft 1 billion, but the liquidation procedure was annulled three years later.
A new procedure was announced without detailing the reasons, and then in November 2022, the Fusion Group, which also operates several restaurants in the area, became the owner of the property.
Tiborcz’s Estoril Property became the new owner barely a month later.
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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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