Home » Middle Eastern Real Estate Investors »

|| Dubai's Al Habtoor to acquire hotel in Budapest for $80 million

habtoor-dubai.jpgDubai conglomerate Al Habtoor Group is in the final stages of acquiring a five-star hotel in Budapest for $80 million - Arabian Business is reporting.

As DubaiBeat.com reported earlier, the groups was looking to buy hotels in Europe. It is also in talks with officials in France to buy a second hotel in Paris, its chairman says.

(To see more Dubai-based investors like Habtoor Group, check our investors directory)

More details follows from Arabian Business

Khalaf Al Habtoor, who runs one of the country’s biggest family businesses with a portfolio spanning hospitality, construction and automotive operations, said the firm has been actively looking to acquire hospitality assets in Europe for some time.

"We are in the finishing [stages] of taking over a hotel property in Budapest, Hungry. Hopefully, I think by the end of March all will be finalised. It’s a five-star hotel in the best place in Budapest… it’s around €60m,” he said, declining to give the name of the property.

The group has also been contacted by French officials regarding the sale of a hotel in Paris, he added. “I have been contacted and told there is a hotel sale but I don’t have the details yet. It’s in Paris, possibly a four-star hotel,” he said.

The conglomerate last month unveiled plans to demolish one of Dubai’s oldest hotels and redevelop the area into a tourism complex in a plan valued at $1.3bn.

The firm said it would knock down the 34 year-old Metropolitan Hotel and build three luxury hotels and a string of tourist attractions, including a theatre to stage Broadway-style shows.

“The economical situation is flourishing now in the UAE and there is major improvement in the market, especially demand for visitors to the country,” Al Habtoor said. “[The announcement] shows that, parallel to the government of the UAE, we are working hard to represent the country… to prove that this country is a safe haven.”

The announcement came several months after the group said it would resume work on a AED1bn hotel project on the Palm Jumeirah. The five-star hotel, which is expected to open to guests by 2013, will include a spa, private beach, six restaurants and a nightclub, said the group.

The Al Habtoor Group is a holding company for businesses ranging from construction, hospitality, automotive and real estate, run by Al Habtoor. In 2007, Habtoor sold a 45 percent stake to Australia’s Leighton Holding for $707m.

Previous Post: Abraaj Capital to buy part of US TransAtlantic Petroleum for $164 million
Next Post: Oman firm buys stakes in six Indian companies for $33 million

|| About Us

Established in 2007, DubaiBeat.com provides insight, analysis and research on Middle East investors.

We cover different asset class investors like private equity, venture capital, hedge funds and real estate investors from the Middle East and broader MENA region.

|| Subscribe

Copyright 2007-2016 DubaiBeat.com    Sitemap  |  Terms  |  Privacy Policy

Follow us: RSS Feed   Facebook    Twitter