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Oman Becomes the Owner of a Castle Hotel in Budapest
Oman has become the owner of Four Seasons Gresham Palace hotel in Budapest (Hungary). The deal has been done through State General Reserve Fund – a sovereign wealth fund of the country. The total sum of the deal is not disclosed to publics.
It has been also revealed that Four Seasons will keep managing this accommodation. The 179 guestroom luxurious hotel in the heart of Hungarian capital looks more like a palace from a fairytale. Without a doubt, this is one of premiere assets in the city and a remarkable property that shows great results and high RevPAR level. The representatives of the buyer think that the property works not at its full potential and plan to make it even more significant in the long term performance.
The building of the hotel features an amazing Art Nouveau design. It was built in 1906 in the heart of the Hungarian capital – the hotel is located near famous Széchenyi Chain Bridge on the Pest side of the city. The hotel was fully renovated in 2004.
Four Seanons Hotels and Resorts praises the new owner and is glad to collaborate with SGRF. Omani investors are respected and well-known for their long-term business. The purchase of this property is the sign of confidence and faith in positive development of the hotel market of the region.
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