Good news! Iconic building of the capital, Hotel Budapest is soon to be renovated

The iconic building, which stands out from the Buda landscape with its shape and height, is soon to be renovated. It originally opened in 1967.

Hotel Budapest, which is known as Körszálló (Circle Hotel) among Hungarians, is in need of complete renovation and technical modernisation, which requires a large investment, Turizmus.com reports. During the pandemic, Hotel & More Hotel Management rented the hotel and operated it as a workers’ hostel and student accommodation.

Danubius Hotels Plc. has entered into an agreement with Market Asset Management Plc. on the sale of Hotel Budapest, so hopefully, it will soon resume its old function. Another well-known Danubius house, Gellért Hotel, was recently sold as well, which is scheduled to reopen in 2027, as we previously reported.

Balázs Kovács, CEO of Danubius Hotels, said in connection with the agreement: “Our main focus is the renewal and high-quality development of the hotels we operate, and the sale of Hotel Budapest also strengthens this goal. Last year, we spent HUF 5 billion (EUR 12.7 million) on modernising our hotels, and planning to spend almost twice the amount this year.”

Sándor Makra, CEO of the acquiring company, Market Asset Management Plc., said that their goal is to create high-quality properties that bring sustainable value growth and contribute to raising the standard of the built environment. The details of the investment are still being worked out.

The history of Hotel Budapest, the “Circle Hotel”