Al Habtoor Buys Le Meridien Budapest
- 8 May 2012 9:04 AM
Dubai group Al Habtoor purchased the five-star Budapest Le Meridien hotel, in a contract signed in Budapest on Monday. Chairman Khalaf Ahmed Habtoor said they are planning for the long term in Hungary and may purchase further hotels or development sites. He neither confirmed nor denied the reported $80 million purchase price.
According to Nimrod Rinot, CEO of the Hungarian subsidiary of the Israeli seller CEE Group, further companies might follow the Dubai group and invest in Eastern Europe.
The hotel was sold by the state in 1998 to Ofer Brothers Group from Israel. CEE, a member of the same investor group, took over 95% ownership of the hotel in 2009, while the remaining 5% has been held by Israeli investor Ari Yom-Tov until now.
Al Habtoor has fully purchased the hotel, which is operated by Starwood Hotels and Resorts.
Source: Hungary Around the Clock
This news item is one of many published daily by HATC, a premier subscription news service which distributes English-language info about Hungary via email or fax. For a free trial of HATC follow this link and click on 'Free Trial Subscription'.
LATEST NEWS IN business