Buyer Found For Former Ballet Institute In Budapest
- 4 Sep 2013 9:00 AM
Portuguese firm QPR Investimentos signed a statement of intent on the sale of the former Ballet Institute on Andrássy út, to Swiss-registered Zara Invest, it was announced yesterday. If the two parties conclude a final deal, then Zara Invest will turn the building opposite the Opera House into a five-star hotel.
The Drechsler palace, built in 1883-86 on designs by Ödön Lechner and Gyula Pártos, provided a home to the State Ballet Institute from 1950. It was sold by the Sixth District for Ft 220 million in 1997. Ten years later the Israeli owner sold it for Ft 7.5 billion to a Portuguese company.
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 property