Europe’s largest hostel chain a&o is set to open its first property in Budapest. The company has been searching for suitable properties for a year and found the right building in the vibrant part of district 7, Csengery utca with the help of Cresa.
Built in the early 20th century the building was previously used for residential, office and lately student housing purposes and is now being transformed into a fully refurbished hostel over appr 4500 m2 featuring 108 rooms with 412 beds, attracting tourists looking for lower budget, but quality accommodation. The hostel with feature family and dorm rooms and is expected to open in Q3 2019.
“We have found the right property in a great location as our first hostel in Budapest. This old building has a charm with high ceiling and a boutique hotel-looking courtyard. It is close to all major touristic locations in Budapest and only 10 minutes from the main railway station.” said André Yoleri, Development Manager of a&o. He added about a&o’s expansion plans “We are keen to expand further in the CEE region, create a solid footprint, expand the brand throughout CEE.”
Péter Takács, Partner at Cresa Hungary added, „We are delighted that we could find a building that meets a&o’s requirements both in terms of quality and being and ideal location for accommodation purposes.
The building currently needs renovation but will be transformed into a vibrant venue providing quality hostel accommodation enriching this part of Budapest and further strengthening Hungary’s attraction as a destination for international travelers. With the renovation of the building another historical property will be reborn and will contribute to the further development of the area.
Cresa Hungary is a member of Cresa, the world’s largest commercial real estate advisory firm that exclusively represents occupiers.
It serves clients through 86 global offices. Delivered across every industry Cresa Hungary offers unbiased, independent commercial real estate advice. Its integrated services include tenant representation, transaction management, project management, workplace solutions, investments and capital markets in the office, retail. hospitality, logistics and industrial sector. For more information, please visit cresa.hu.
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Source: Cresa Hungary