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.

According to current plans, the library building will be turned into a luxury hotel, falling in line with the other project on Andrássy Avenue called Hotel Moments.

So far, it seems to be worth running hotels, as last year, the owners made a 400-million-Forint (1238023.24 EUR) clean profit. Stocks of the A8 Hotel Palace Zrt. are more or less shared equally by the three businessmen, Garancsi, Csányi and Hernádi, although CD Hungary Zrt. also shares some of it. The library building that was part of a monument-conservation project was bought up by the A8-52 Kft., a subsidiary company to the A8 Palace Hotel Zrt. that also owns the Hotel Moments project. After the library was handed over, the company changed the name to A52 Hotel Project Kft., making their plans for the building clear.

Hello Baby Bar, the nightclub operating on the ground floor of the building, announced on Facebook that their opening hours will not be affected by the purchase.

For more news, check out this article about celebrities’ requests when staying at hotels in Budapest.

Featured image: facebook.com/pg/hotelmomentsbudapest

Source: forbes.hu