Omani sovereign wealth fund the State General Reserve Fund has completed its acquisition of the Four Seasons Hotel Gresham Palace in Budapest, Hungary, from Irish developer Avestus, formerly known as Quinlan Private.
The sale price is undisclosed, but it is rumoured that the hotel changed hands for no more than €40 million.
Four Seasons Hotels and Resorts will continue to operate the 179-room hotel, which is housed in a landmark Art Nouveau building overlooking the River Danube, on the Pest side of the city. The building dates back to 1906, when it opened as the foreign headquarters of the London Gresham Life Assurance Company; it was converted into a Four Seasons hotel in June 2004.
"We see the hotel as a premier asset in the Budapest market, a market that is in the right phase of the RevPAR/valuation growth cycle, which has the potential to yield significant upside over the longer term," said a representative for SGRF. www.hvs.com