Forestay Group and Recorde Asset Management have purchased a 10,200 sqm office building in central Budapest from Generali Real Estate for an undisclosed sum.
The building will be converted into an upper-midscale hotel with over 200 keys, complemented by an apart-hotel/high-end student housing.
The acquisition was facilitated through the Recorde Forestay Highstreet Hotel & Residence Real Estate Fund, managed by Recorde Asset Management.
“This property offers a unique opportunity to integrate cutting-edge hospitality concepts into a historically significant location. Our vision is to transform obsolete structures into sustainable, high-value developments that meet future market demands. We are confident this project will serve as a flagship initiative, enhancing the appeal of the district for visitors and residents alike,” said Bálint Botos, Managing Partner at Forestay Group.
“Through our club-deal syndication platform, we connect top-tier general partners with institutional and high-net-worth investors," said Gábor Kutas, Founder and CEO of Recorde Asset Management.
Forestay Group will serve as the principal investor, developer, and future hotel operator.
CMS Hungary has provided legal support to the vendor, Grant Thornton advising on tax and financial matters, and iO Partners acting as the seller’s agent. Taylor Wessing Budapest represented the buyer as legal counsel.
