ARTICLES LABELLED WITH TAG tourism

Hungarian property investor and developer Indotek Group has been granted permission from the Croatian authorities to buy the Jelsa Resort, a huge hotel complex on Hvar Island. The complex offers 1,400 rooms but needs to be refurbished, vg.hu reports.

The Le Meridian brand will offer 102 rooms and is scheduled to be open in 2025, telex. hu reports. This will be Marriott's first Hungarian hotel outside Budapest.

The new five-star Minaro Hotel MGallery offers 100 rooms in the world-famous wine region of Tokaj. This is Accor's first luxury hotel in Hungary outside Budapest.

The global hotel chain has signed a franchise agreement with the owner of Magyar Király Hotel in the regional city of Székesfehérvár. Accor wants its new facility, officially Mercure Hotel Magyar Király, to become the number-one hotel in the city. The deal is effective from Q3 2023 and was advised by Moore Hungary. 

Marriott International has agreed to open the first Sheraton hotel in the Hungarian capital. The grand opening is scheduled for June 2023. The new hotel will offer 105 rooms and a medium size conference facility and will be managed by Accent Hotel Management.

The four-star facility called Flow hotel was opened in Inárcs on Thursday and is to welcome conferences and ceremonial events such as weddings. It was financed in total by a private investor. 

The asset management company closed the sale of its 51% share in Solum-Invest Ltd. That was the last unit in its tourism-related portfolio.

Hotels are under extreme pressure across Europe and there is no investors’ rush to put money in these assets under the current tough economic conditions. Property Forum asked Péter Takács, Investment Director at Newmark VLK Hungary about the way out from this crisis and the chances of local mid-size investors in the CEE region.

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.

Most hotels in Budapest will see their revenues decrease by more than 70% compared to 2019 this year, while hotels outside the capital expect 20% to 40% lower revenues, according to a representative survey commissioned by the Hungarian Hotel and Restaurant Association.