Al Habtoor Group snaps up InterContinental Budapest. Friday, 27th June 2014 Source : Al Habtoor Group
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.
Al Habtoor said, “I am very pleased to add the InterContinental Budapest to the Al Habtoor Group’s hotel portfolio. It is the largest in the city. It has more than 400 rooms and suites and accommodates business and leisure travelers alike. The hotel offers breathtaking views of Budapest – including some of the city’s most iconic landmarks.”
Al Habtoor said Dubai-based private equity firm PCP Capital Partners advised on the transaction. It is the second hotel to be purchased by the Al Habtoor Group Chairman in the Hungarian capital. In 2012 he purchased the historic Le Méridien Budapest located in the heart of the Hungarian capital.
Al Habtoor added, “Budapest is a great city. It has a vibrant tourism industry and the people are very welcoming. 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. Hungary has a stable government with the Prime Minister Viktor Orban’s government being elected for a second term recently.”
The announcement comes just days after Al Habtoor was in Budapest for the launch of the Hungarian language edition of ‘Khalaf Ahmad Al Habtoor: The Autobiography’. The candid account of the Al Habtoor Group Chairman’s rise from poverty to become one of the most successful and respected businessmen in the Gulf region, has already hit multiple best-sellers lists across the GCC. The Autobiography, which took more than two years to write, is currently available in three languages: Arabic, English and Hungarian. The Hungarian launch took place at Lotz Hall in the Paris Department Store in Budapest.
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.
It will have the added benefit of being home to the only Franco Dragone Entertainment Group theatrical production in the Middle East and Europe. The permanent water-themed production is exclusively choreographed for Al Habtoor City. Plus, the multi-use development will combine luxury hotel living with five-star residential living.
There will be three high-end residential towers with a total of 11 exquisite penthouses apartments; nine of which have up to 20,550 square foot of living space. In addition there will be two ultra-VIP penthouses with 35,000 square foot of super luxury living space scaling over four floors, and with 360 degree panoramic views of the Dubai skyline.
The Al Habtoor Group also owns and manages three other hotels in Dubai, two in Beirut, Lebanon and one in Budapest, Hungary.
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