Crisis impacts luxury SPA resorts in Hungary

The latest attempt to sell Pólus Palace, a luxury hotel and golf complex located in the town of Göd evaluated at €11 million, was unsuccessful, writes Napi Gazdaság daily newspaper is . The five-star hotel and the golf course, which had not been affiliated to an international chain, went bankrupt due to the crisis. Liquidator company last tried to sell the property in June but received no bids.The sale is hindered by a disagreement between operator Pólus Palace Vendéglátó, SzabadidÅ‘, Sport Zrt. and the company’s creditor CIB Bank.

Occupancy rates at most five star SPA resort hotels throughout Hungary dropped by 30% in the first half of 2011 compared to 2010 which registered a decrease of 20% on 2009. Average yearly rate dropped by 30% in the first Quarter of 2011 compared with the same period last year.