Wing has sold the Angyal (Angel) office building, set adjacent to Boráros Square in Central Budapest, to French economy hotel chain B&B Hotels. The building will be converted to a hotel based on the two companies’ strategic agreement, and become B&B Hotels’ first hotel in Hungary, with Wing taking on development tasks. The first B&B Hotels location in Hungary set to open on 7,700 sqm.
“Wing’s goal is to provide complex real-estate solutions to leading multinational and domestic companies active in Hungary or seeking to expand on the Hungarian market and looking for a professional partner with market expertise and references. It gives us great pleasure to be able to support B&B Hotels as they enter the Hungarian market through a property with excellent attributes making use of our real-estate development expertise as well”, Noah Steinberg, Wing Chairman and CEO said.
Noah Steinberg
Chairman of RICS in Hungary, CEO-Chairman
WING, RICS
“B&B hotels is very pleased to announce its first establishment in Hungary. This acquisition is indeed the first step towards the opening of a 214-room hotel in 2020, located in the heart of a dynamic and central neighbourhood of Budapest. B&B Hotels thus intends to propose an innovative hotel offer which combines a design concept, attractive prices and a high-quality service conceived for both business and leisure customers. This project is part of the group's expansion strategy in Europe and is evidence of our desire to further develop in Hungary and in the neighbouring countries as well” - Fabrice Collet, Head of B&B Hotels stated.
The hotel, to be brought into existence by transforming the Angyal offices building, is Wing’s second hotel project in a short time. Hungary’s first airport hotel with direct terminal access, the ibis Styles Budapest Airport Hotel, opened its doors at the beginning of 2018.
Established in 1990, B&B Hotels is Europe’s third largest economy hotel chain, which operates more than 470 hotels across the continent. As regards to Central and Eastern European region, the chain operates six units in Poland, one in Slovenia and one in the Czech Republic. Several projects are planned in neighbouring countries as well (Slovakia, Croatia).
