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Budapest Sofitel changes hands

Eurobuild CEE 29 November 2019
Budapest Sofitel changes hands
HUNGARY Indotek Group is to buy the Sofitel hotel at the Chain Bridge in Budapest.

The deal is valued at over HUF 30 bln (app EUR 100 mln). For the last two years the hotel has been owned by the Starwood Capital Group, which bought it for USD 75 mln in 2017. Indotek intends to renovate 40-year-old hotel with 360 rooms and the work should be completed by 2022. A new restaurant and bar are planned on the roof of the building with the hotel to remain open during the renovations.

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