Budapest District Council Sells Landmark To Mellow Mood Group
- 22 May 2014 9:00 AM
The local council of Budapest’s 5th district has sold the landmark Párizsi Udvar building near the Danube for 2.1 billion forints (EUR 6.9m) to Mellow Mood Group, which operates a luxury hotel in the neighbouring Klotild Palace. District mayor Antal Rogán said the local council lacked the several billions of forints required to renovate the building.
He noted that two international tenders for the sale of the building had been unsuccessful, and it had nearly been sold on another occasion before the transaction fell through.
Mellow Mood Group has promised to renovate the building within seven years. The group’s co-owner Zuhair Awad said the aim was to restore the Párizsi Udvar to its former glory and transform it into a five-star hotel.
Source www.hungarymatters.hu
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