Al Habtoor Group has acquired Le Méridien Budapest from Hungary-based Central European Estates, a subsidiary of Israeli conglomerate Premium International Holdings.
The sale price has not been disclosed but it is rumoured to be in the region of €60 million.
The 218-room landmark hotel, at the heart of Hungary's capital, was built at the beginning of the 20th century and originally known as the Adria Palace.
It has become the tenth property in Al Habtoor Group's portfolio and its first asset in Europe. Starwood Hotels & Resorts will continue to run the hotel.
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