News Article Budapest financing hotel Hungary Market Group office
by Property Forum | Office

The asset management arm of Hungarian developer Market Group has signed a €65 million loan agreement with Raiffeisen Bank to finance a huge mixed-use project in a prestigious district of Budapest, not far from the embankment of the river Danube. A Class A office complex and a boutique hotel offering 127 rooms will be completed by 2023. 

The old building of the Radetzky barrack will be transformed into Bem Center which will offer modern office space and 402 parking lots. 

Adjacent to the office building an Intercontinental Kimpton Hotel will be built with 127 rooms and amenities including a rooftop bar and a day spa. This will be the first unit of the brand in Central Europe. The internal design will be made by Dutch architect firm Marcel Wanders.