Al Habtoor chief buys InterCon hotel in Hungary
Dubai, June 24, 2014
Khalaf Al Habtoor, the chairman of UAE conglomerate Al Habtoor Group, has bought the 400-room InterContinental Budapest, the largest in the Hungarian capital.
This is the second hotel to be purchased by the Al Habtoor Group chairman in Budapest following his take over of the historic Le Méridien Budapest in 2012.
Khalaf Al Habtoor, who runs one of the UAE's biggest family businesses with a portfolio spanning hospitality, construction, education and automotive operations, expressed delight at adding the InterContinental Budapest to the Group’s hotel portfolio.
Dubai-based private equity firm PCP Capital Partners advised on the transaction.
"The InterContinental Budapest Hotel boasts 180 degree panoramic views of the Danube River and is surrounded by some of Budapest’s landmarks, such as Széchenyi Chain Bridge, the former Royal Palace and the Parliament Building. There are multiple meeting rooms, a state-of-the-art spa, a swimming pool, and a fitness centre," he stated.
"It has more than 400 rooms and suites and accommodates business and leisure travellers alike. The hotel offers breathtaking views of Budapest – including some of the city’s most iconic landmarks," he added.
Al Habtoor described Budapest as a great city with a vibrant tourism industry and welcoming people. "The Hungarian economy is growing at its fastest pace since 2007. It has recovered well from the recession. The economy grew 1.2 per cent last year and is doing even better this year," he stated.
"Hungary has a stable government with the Prime Minister Viktor Orban’s government being elected for a second term recently," he added.
The Al Habtoor Group is currently embarking on an aggressive expansion drive. It recently added the Waldorf Astoria Dubai Palm Jumeirah to its hotel portfolio, and is building a new landmark in Dubai – Al Habtoor City.
The mega project, under construction, will be home to three Starwood hotels: The Westin, the W hotel and the St. Regis. It will also feature a tennis academy, a European-style Boulevard, and a Marina on the Dubai Water Canal.
The Al Habtoor Group also owns and manages three other hotels in Dubai, two in Beirut, Lebanon and one in Budapest, Hungary.-TradeArabia News Service