Forestay Group has organised a topping-out ceremony of the Moxy Budapest Downtown, a 283-room hotel set to open in spring 2026 on Budapest's historic Kazinczy Street. 

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. 

Forestay Group has hosted a traditional groundbreaking ceremony for its latest development, the Marriott Moxy Budapest, which will be the first hotel under this brand in Hungary. 

Recorde Asset Management, the real estate fund management arm of Concorde Group, in close strategic cooperation with Forestay Group, is investing in the Móricz Student Living student residence and office building.  

Purpose-built student accommodations are in short supply across the region, but some investors and developers find them very attractive. However, due to the recent dramatic economic changes, companies need to adapt to tougher business conditions and adjust their development pipelines accordingly, says Bálint Botos, Managing Partner of Forestay Group.

As of September 2021, Tamás Sellyey has been appointed Director of Strategy and Business Development at Forestay Group, with a key role in the Group's major expansion plans. His mandate will fully cover organisational and business development processes, increasing the order book for engineering and fit-out services, as well as promoting in-house developments managed by the Group's fund management.