Hyatt Hotels Corporation announced plans for the Párisi Udvar Hotel in Budapest, joining Hôtel du Louvre in Paris as the second hotel in Europe for The Unbound Collection by Hyatt and third outside of the U.S. Hyatt has entered into a franchise agreement with Párizs Property Kft for the project, which will see Párisi Udvar in downtown Budapest converted into an upper-upscale 110-room hotel. The hotel will feature 18 suites, including 2 presidential suites. The Párisi Udvar Hotel is expected to open in 2018 and will be managed by Mellow Mood Hotels.
The hotel will feature 110 guest rooms and suites, 300 square meters of indoor meeting space, a spa and fitness centre, restaurant, bar and café. The food and beverage outlets will be situated within the Párisi Udvar arcade, under the splendour of the building’s coloured glass ceiling and hexagonal cupolas.
The 20th century building, is located on Ferenciek Square, is known for its eclectic design. The future hotel incorporates elements from Moorish, Art Deco and Neo Gothic styles.
The building was completed in 1931 and remained relatively undamaged during the Second World War after which the upper floors were converted into apartments. It has so far escaped major renovations. It has been home to shops, apartments and offices, as well as the Jégbüfé ice-cream parlour fondly remembered by many local residents.
Photo: Mellow Mood Hotels
The Unbound Collection by Hyatt launched in March 2016 and has since grown to five properties currently in operation, with additional properties in development for the brand.
“Párizs Property Kft and Mellow Mood Hotels are extremely proud to have the opportunity to give back this renowned landmark building to Budapest, and it is a great honour to collaborate with Hyatt on this prestigious project. Our expansion in Budapest is a strong statement of our confidence in the local market and an opportunity to contribute to the growth of the tourism industry in Hungary”, said Zuhair Awad and Sameer Hamdan, both Managing Directors at Mellow Mood Hotels.
Croda Poland, a company that supplies specialty chemicals for the production of pharmaceuticals, cosmetics, household chemicals and crop protection products, will lease more than 510 sqm in the Unity Square One building. JLL was responsible for both tenant and landlord representation in the transaction process.
Angelini Pharma Polska, one of the leaders of the pharmaceutical market in Poland, has once again extended its lease agreement for warehouse and office space in MLP Pruszków I. The tenant has been using approximately 1,5000 sqm of space in this logistics centre for 21 years. This makes Angelini Pharma Polska one of the longest-cooperating tenants of MLP Group.
Kärcher, a supplier of professional cleaning equipment, has chosen the second phase of LogiCube Park for its new 1,000 sqm service and logistics center in Hungary. Additionally, MedRes, a company operating in the healthcare sector, has begun moving in and will soon commence production in the same project. The leasing was overseen by 108 Real Estate, the strategic partner of the park’s investor.
New appointments
Elżbieta Majdan is joining the Property & Asset Management team at Savills Poland as an Associate Director. Elżbieta brings 15 years of experience in managing and commercialising retail properties, gained while implementing key projects on the Polish market.
Savills Czech Republic announces new hires and promotions within its valuation team. Daniel Duchek has joined as a Senior Valuer, Alena Arnoldová has strengthened the team as a Junior Valuer, and Ivana Horáková has been promoted Valuer. Under the leadership of Marek Pohl, the team now consists of seven consultants specialising in the valuation of a wide range of assets – from commercial, residential, and hospitality properties to leisure, healthcare facilities, and land.
Ewa Nowak, a commercial property valuer, has joined the Valuation Department of international real estate advisory firm Newmark Polska as Senior Associate.
The hotel market in Prague and the entire Central and Eastern European region is experiencing a recovery exceeding initial expert expectations, according to the CBRE analysis. International overnight stays in Prague are at 95% of their 2019 level.
Romania is among the few member states where residential prices have grown at rates below the EU average of around 58%, between Q1 2010 and Q1 2025, according to Eurostat.
Sorin Preda, Founder and CEO of Global Vision, talked to Property Forum about the company's new investment fund which should grow to €50 million and the vision to expand across the commercial sector as well as in the renewable energy segment as the development pipeline amounts to more than €500 million.
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