Plaza Centers will use the proceeds of the sale of 12 of its 16 Hungarian shopping malls to partly finance the conversion of the ballet institute in Budapest into a luxury hotel and to build a recreation center on Hajógyári Island in the Danube in north Budapest. The recreation center will cost Ft 150 billion-Ft 200 billion and will comprise a hotel, a conference center, a sports arena and a casino. Work will only begin two years from now as obtaining planning permission is expected to be a lengthy process. The ballet institute is already empty and work will start as soon as financing is available. (Econews)
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24.05.2004