News Article a&o Budapest development hostel Hungary
by Property Forum | Hotel

Europe’s largest privately owned hostel chain, a&o is set to open its first property in Budapest. The company has been searching for suitable properties for a year and found the right building in the vibrant part of the 7th district, at Csengery street, with the help of Cresa

Built in the early 20th century the building was previously used for residential, office and lately student housing purposes and is now being transformed into a fully refurbished hostel featuring 108 rooms with 412 beds over appr. 4500 sqm, attracting tourists looking for lower budget but quality accommodation. The hostel with feature family and dorm rooms and is expected to open in Q3 2019.
“We have found the right property in a great location as our first hostel in Budapest. This old building has a charm with a high ceiling and a boutique hotel-looking courtyard. It is close to all major touristic locations in Budapest and only 10 minutes from the main railway station,” said André Yoleri, Development Manager of a&o. He added about a&o’s expansion plans “We are keen to expand further in the CEE region, create a solid footprint, expand the brand throughout CEE.”
„We are delighted that we could find a building that meets a&o’s requirements both in terms of quality and being an ideal location for accommodation purposes,” Péter Takács, Partner at Cresa Hungary added.
The building currently needs renovation but will be transformed into a vibrant venue providing quality hostel accommodation. With the renovation of the building another historical property will be reborn and will contribute to the further development of the area.