Al Habtoor Group announces new acquisitions in Hungary
The Al Habtoor Group has confirmed the acquisition of several key properties in Hungary on Sunday 25 September 2016. The Group already owns two luxury hotels in the capital Budapest - The Ritz-Carlton, Budapest, and The InterContinental Budapest.
The latest additions to the Group’s property portfolio in the country include Rumbach Centre, an office building located in the historic part of Budapest’s financial, commercial and administrative centre near Deák Square.
The Group also purchased a high quality prestigious office complex in Dorottya Udvar, Budapest. The restored, early 20th century-style former textile mill has been redeveloped into a spacious and flexible office complex with a strong international tenant lineup. It is located in a prominent location highly visible from Budaörsi út – the main arterial route of Buda leading to the main highways towards Vienna and Zagreb, and the major retail hub of Budaörs. Dorottya Udvar, located in Újbuda within the South Buda office submarket, is one of the most rapidly developing areas of the Hungarian capital.
Khalaf Ahmad Al Habtoor, Chairman, Al Habtoor Group said, “I am delighted to announce our latest acquisitions in Europe. Hungary has a vibrant economy with a rapidly growing office market. I am happy to build on our other successful ventures in the country.”
He added, “We have invested heavily in the United Arab Emirates in recent years, and are always looking for good investments abroad. Over the past few years, we have announced major acquisitions in Hungary, Austria, London and the United States.”
In 2016, the Al Habtoor Group expanded its international hospitality portfolio with the acquisition of the Hilton London Wembley – near the iconic Wembley Stadium. It also added the historic Hotel Imperial, a Luxury Collection Hotel, Vienna, and in May, the Group celebrated the opening of the first The Ritz-Carlton hotel in the Central and Eastern European region – in Budapest. It also owns The InterContinental Budapest, located in one of the most prestigious areas of Hungary’s capital – beside the landmark Chain Bridge. Other properties abroad include the President Abraham Lincoln, Springfield, a DoubleTree by Hilton Hotel located in historic downtown Springfield, Illinois, and two hotels in Lebanon – The Hilton Beirut Habtoor Grand and the Hilton Beirut Metropolitan Palace.
Al Habtoor said, “Our real estate and hospitality portfolio is growing rapidly. We have teamed up with some of the best names in the business.”
Al Habtoor Group
The Al Habtoor Group has grown with the United Arab Emirates. What started out as a small engineering firm in 1970, is today one of the region’s most respected conglomerates with interests in the hospitality, automotive, real estate, education and publishing sectors. The Al Habtoor Group has earned itself a solid reputation both locally and internationally due to the vision of its Chairman, Khalaf Ahmad Al Habtoor.
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