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. 

Geopolitical tensions hurt demand for commercial property, appetite for property development, financing conditions and property investment decisions over the short run, the Hungarian National Bank (MNB) reports.

New international hotel chains will appear in Budapest for the first time. Budget hotels will remain competitive. Slow recovery of conference tourism gives some hope to the hospitality industry in Hungary, Csaba Tóth, Director, Head of Hotels at CBRE Hungary says to Property Forum.

Ensana hotel group has announced an investment of €9 million in revamping the 4-star Sovata hotel with 168 rooms. 

Romanian developer Nordis Group says it will deliver this year up to 1,000 hotel rooms and residential units in its project located in the Mamaia seaside resort. 

The 92-room building is the first Mercure hotel in Białystok. The central element of the hotel is giant bison - the symbol of the region.

In Ljubljana, a huge mixed-use project will see the creation of a new railway station, a new bus station, a hotel, a shopping centre, offices and apartments as part of the Emonika project. The public infrastructure project will be complemented by a private development by Mendota Invest, owned by Hungary’s OTP Real Estate Investment Fund. The project, which is worth nearly €500 million, was presented in Ljubljana by Sándor Csányi, CEO of OTP, Jernej Vrtovec, Slovenia’s Minister of Infrastructure, Zorán Janković, Mayor of Ljubljana, Dusan Mes, CEO of the Slovenian Railways and Janez Kozelj, Deputy Mayor of Ljubljana, Hungarian business daily Portfolio reports.

The French group will open a Mercure hotel in Debrecen, the second-largest city in Hungary. This will be the second destination for the brand outside Budapest.

The five-star lifestyle hotel has 136 rooms, two restaurants, and a bar. An event venue was also established on the roof of the building in downtown Budapest.

The Andaz Prague hotel, which was developed by UBM Development, has officially opened. It took the real estate development company two-and-a-half years to transform the neo-classical landmarked Sugar Palace into an Andaz-brand lifestyle luxury hotel.