The purchase price has been placed in escrow pending approval of the sale by Budapest city council.

Towercrest chairman and owner Chen Rouwen has visited Budapest several times, Napi adds.

The purchase of Rác Nosztalgia will be his first investment in Europe, as he has confidence in the Budapest hotel market as well as in Hungarian-Chinese intergovernmental relations.

The bath complex was closed 14 years ago ahead of a renovation that was completed six years ago.

The city of Budapest signed a bankruptcy agreement with the project company in 2013, but the bank loan was cancelled. The city then purchased the Ft 6.4 billion loan extended to Rác Nosztalgia at 33%.

Budapest will retain ownership of the land.

The bath and hotel could be opened in the spring of 2017.

Source: Hungary Around the Clock

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