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HATC SAMPLE EDITION:
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7th March, 2025
Market transforms iconic hotel to flats
Market Asset Management will begin a two-year transformation of the Budapest Hotel into upscale apartments in the summer, the property developer of the Market Group announced on Thursday.
The 280-room cylindrical building in Buda, also known as the Corallo, (Round Hotel) designed by György Szrogh, opened in 1967.
Market added that use of the building as a hotel has proven unviable in recent decades, while there is a great demand for new, high-quality apartments in Buda.
The developer will build 50 apartments completed with wellness and fitness facilities, a restaurant and offices.
The scheduled completion date is the third quarter of 2027.
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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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