A prestigious bath in Budapest is said to be bought by Chinese investors

24.hu reports that a major Chinese investor is said to open the Rác bath and the hotel next to it, in Budapest, as the purchase price of the properties has already been transferred.

According to the site, a Chinese investment holding company has already deposited the amount of money required for the purchase of the Rác bath and its neighbouring hotel. The company is waiting for the approval of the capital at the moment, and then it would become the official owner of the properties.

The investors carried out negotiations with the Lord Mayor of Budapest through their attorneys, however, the final decision will be made only at the general meeting at the end of August. The hotel next to the bath has a capacity of 67 rooms, and was permitted for occupancy 6 six years ago, yet, it was not open for a single day.

In order to be able to open the properties the cost of the reconstruction of the bath and the new status of the hotel is estimated to require a further investment of a billion HUF, thus, the full reconstruction, and the construction of the hotel would cost about 11 billion HUF. To reach that amount, the Hungarian Development Bank gave a loan of 6.4 billion HUF, while the EU support through the Széchenyi plan provided another 750 million HUF.

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Copy editor: bm

Source: 24.hu