Budapest, May 21 (MTI) – The local council of Budapest’s 5th district has sold the landmark Parizsi Udvar building near the Danube for 2.1 billion forints (EUR 6.9m) to Mellow Mood Group, which operates a luxury hotel in the neighbouring Klotild Palace.
District mayor Antal Rogan said the local council lacked the several billions of forints required to renovate the building.
He noted that two international tenders for the sale of the building had been unsuccessful, and it had nearly been sold on another occasion before the transaction fell through.
He said Mellow Mood Group had promised to renovate the building within seven years.
Mellow Mood Group co-owner Zuhair Awad said the aim was to restore the Parizsi Udvar to its former glory and transform it into a five-star hotel.