Equilor Asset Management, owned by Hungarian developer BDPST Group, will buy the Sofitel complex which consists of a 4-star hotel and an adjacent office building, local news portal index.hu reports.
Indotek bought the hotel three years ago and managed to prepare it for a total refurbishment. In the meantime, the company obtained the neighbouring office building which made good conditions to start a whole new development. However, as development and property management are out of the company's core business strategy Indotek decided to put the complex for sale. The company sold Hotel Gellért in Budapest in a similar transaction last year.
Indotek argues that there is a good portion of high-yielded assets in Hungary and Europe which provide comfortable profit for the company. Part of that profit will be used to buy more distressed assets across the continent.
The refurbishment of the Sofitel hotel is underway and is scheduled to be finished next year.
