Dubai-headquartered Al Habtoor Group has announced the purchase of a hotel in Budapest, the capital of Hungary. The sum of the deal estimates €60m ($80m). The company is also told to be interested in purchasing its second Paris accommodation.
The purchase of the luxury 5-star hotel in Budapest is to be finalized in the end of March. The name of the property is not given to publics. In his comment for press, Khalaf Al Habtoor, the person who runs the business of one of the most powerful families in the UAE, says they are actively searching for new projects in Europe. He has also mentioned that they are interested in purchasing a 4-star hotel in Paris, but no details are available at the moment.
Europe is not the only area of interest of Al Habtoor. The company has plans of destroying one of the oldest hotels in Dubai - Metropolitan Hotel opened 34 years ago – and building a large luxury complex of three hotels on its site. The value of the plan is approximately $1.3 billion. Another project of the company in the UAE is a $1 billion hotel on the Palm Jumeirah Island. The hotel is scheduled for opening already next year and is expected to have a large spa center, a private beach, a nightclub, and six restaurants.