Al Habtoor buys Le Meridien Hotel Budapest for 65 million euros

Le Meridien Hotel, Budapest

UAE based real estate development group Al Habtoor acquired this week Le Meridien Hotel in Budapest. According to the Hungarian media, Al Habtoor paid 65 million euros for the 218 room Le Meridien Hotel Budapest. The hotel was previously owned by Central European Estates BV and has been managed by Starwood Hotels & Resorts.

Le Meridien Budapest, which opened in 2000 has a strategic downtown location, with key luxury real estate spaces on the groundfloor, on the back side of the building. The relatively low price paid for the hotel is given by the ongoing financial and political turmoil in Hungary, one of the most affected Central European economies.

Earlier this year, another Middle Eastern company, Oman’s Sovereign Fund acquired the Four Seasons Hotel Budapest.