Budapest’s iconic Marriott Hotel comes under the ownership of PM Orbán’s son-in-law, István Tiborcz
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The legendary Danube-side Budapest Marriott Hotel has changed hands after CPI Europe sold the hotel-owning company in an open, international tender to the professional consortium of BDPST Group and Diorit Private Equity Fund managed by Gránit Asset Management. The new investors aim to successfully operate the hotel, raise its service standards, and exploit synergies with other units of the group.
The legendary Budapest Marriott Hotel, located on the banks of the Danube in the city centre, will again be under Hungarian ownership. The hotel opened its doors as Hotel Duna InterContinental on New Year’s Eve 1969, based on the plans of József Finta and László Kovácsy. The hotel was sold in an open and international tender, which was won by the professional consortium of BDPST Group and Diorit Private Equity Fund managed by Gránit Asset Management.
As part of the transaction, Duna Szálloda Zrt. — the company that owns the Budapest Marriott Hotel — will be jointly acquired by BDPST Corso Béta Kft., founded by BDPST Group, and Liberty Beta Corso Kft., a project company of the Diorit Private Equity Fund managed by Gránit Asset Management. The closing of the transaction is subject to customary closing conditions, including regulatory approvals. The hotel will continue to be operated by Marriott International after the change of ownership.
“The BDPST Group is constantly considering investment opportunities both at home and in the region. Our company was approached regarding the sale of the Budapest Marriott Hotel, and since the hotel fits into our strategy for the Budapest hotel market, we ultimately decided to make an offer. This is one of the best-equipped hotels in the city. We see serious potential in its operation, which also provides opportunities for group-level synergies with our other downtown sites. As a professional and financial investor, we will work to ensure that the Budapest Marriott Hotel operates successfully in the long term,” said István Tiborcz, owner of the BDPST Group. He added that the future success of the hotel, which also determines the image of Budapest, will have a positive impact on the entire downtown from both an economic and tourist perspective.