Budapest, December 4 (MTI) – Turkey’s Ozyer Group will start to carry out renovation work on the landmark south Klotild Palace within a few days for around 7 billion forints (EUR 22.4m).
Ozyer Group will establish a five-star hotel in the palace with 156 rooms, Peter Kemeny, the technical leader of the project, said on Friday. Following preparations actual construction work could start next May and the renovation could be complete by 2018.
The 11,000 sqm large south Klotild Palace is considered a historic landmark and care will be taken to preserve as much as possible of the structure’s original interior and exterior.
Ozyer Group acquired an 89 percent ownership right of the building in 2014 for 2.15 billion forints and the remaining 11 percent was bought from the 5th district local council a few weeks ago for 540 million forints.
The building has stood vacant since 2012. The building’s twin, the north Klotild Palace, was renovated in 2014 and turned into a hotel by a group of Jordanian investors.