Oman based fund buys Four Seasons Gresham Palace Hotel in Budapest

The State General Reserve Fund, an Oman sovereign wealth fund, has completed the purchase of the Four Seasons Gresham Palace Hotel in Budapest, from Avestus - formerly known as Quinlan Private.

Four Seasons Hotels & Resorts, will continue to operate the 179-room luxury hotel. ”We see the hotel as a premier asset in the Budapest market, a market that is in the right phase of the RevPAR/valuation growth cycle, which has the potential to yield significant upside over the longer term,” said a State General Reserve Fund representative.

The historic Art Nouveau building, which dates from 1906 and is located adjacent to the Széchenyi Chain Bridge on the Pest side, reopened after an extensive renovation in 2004.

Earlier this year, InterContinental Hotel Budapest was sold by Morgan Stanley to Lebanese businessman Toufic Aboukhater, as part of a deal worth 450 million euros, which included the following InterContinental properties: Cannes, Amsterdam, Madrid, Vienna, Rome and Frankfurt.

The amount of the sale of the Four Seasons Hotel has not been disclosed, however, according to media reports and compared with the sale of the InterContinental Hotel, the value of the transaction did not exceed 40 million euros.