More and more luxury hotels open in Budapest

It seems like a new luxury hotel will be opened on the famous Andrássy Avenue in Budapest. The designated spot- home to the old library – is close to 3000 square meters and is perfectly located for tourists – reports Forbes.hu.

After 84 years of welcoming visitors, the deposit library branch of the Metropolitan Ervin Szabó Library under 52 Andrássy Avenue is expected to close its doors, perhaps forever. The library was the last in the building complex that has not been bought up by the Hungarian millionaire trio of Sándor Csányi, István Garancsi and Zsolt Hernádi. That is, until last year, when the Budapest General Assembly finally gave in and voted to sell the property of the library to the company of the millionaires, called A8-52 Real Estate Handling Kft.

According to the deal, the company is going to pay 269.9 million Forints (913719.49 EUR) for the library.

This amount is close to twice as much as what was paid for all the other establishments in the complex in the early 2000s – it is probably not because of the extreme value of the library, rather all the other properties were sold for an outrageously low price.

The company has managed to secure other establishments on Andrássy Avenue, including numbers 3, 8 and 52 – all sold for much less than their true value. These properties made their way to the company back when the previous socialist leaders of the 6th district were selling their properties.