News Article Budapest Czech Republic hotel Hungary Mogotel office UDI Group
by Property Forum | Hotel

International developer UDI Group is developing the Parkside project in Budapest. Baltic hotel group Mogotel is confirmed to operate it under the Staybridge Suites brand name of the global hotel chain IHG.

The hotel will offer 152 rooms and be part of the Parkside project in the area of ​​Vaci Street near the Danube. The lease agreement with the hotel operator for medium and long-term accommodation is concluded for 25 years. The residential part then has 324 apartments of various sizes, over 350 parking spaces and 1.600 sqm of retail on the ground floor. A park is being built on the neighbouring plot, and a Lidl supermarket is also expected to be built here. The hotel will benefit from the vicinity of the newly created Agora office complex.

"The Parkside project has been issued with a building permit and we are now preparing its construction. A tender for suppliers is currently underway. We want to start building by the end of this year," said Marcela Fialková, Strategy Director at UDI Group. The investment costs reach CZK 2.82 billion (€114 million).

UDI Group owns the plot in Budapest on which the Parkside project will be built with a residential and hotel part and the LaViza office building right next to it. It also already has a building permit and the group is looking for a suitable tenant. Construction will begin after signing the lease agreement. The office building will offer 24.700 sqm of offices, over 440 parking spaces and 1.400 sqm of retail on the ground floor. The group intends to invest CZK 2.76 billion (€112 million) in the office building.

In addition to the Czech Republic and Hungary, UDI Group operates in Poland, Serbia, Panama and Costa Rica. It is developing 21 projects currently, which should generate an income of CZK 62 billion (€2.52 billion) in the foreseeable future.