New luxury project in the centre of Budapest

The design contract of Párisi Udvar at the Square of the Franciscans is signed.

The contract was signed by Sameer Hamdan and Zuhair Awad (the representatives of Mellow Mood Group), and Csaba Nagy, owner and managing director of Archikon Ltd.

According to www.napi.hu, the building will have become a five-star hotel by the first quarter of 2017. Next to the hotel, there will be restaurants, cafés, shops, a conference room and a fitness center, too.

The owner of the building spends 12 billion HUF on the renovation, the implementer will be selected during the summer – said Awad. This is the biggest building in Europe that is covered by ceramics, which will be restored by experts.

The firm has already transformed old buildings into hotels in the VII., VIII., and X. districts. Hamdan added that their last project in the city centre was the renovation of Klotild palace. They have more than 700 employees, and further 250 employees will be employed at the Párisi Udvar.

Mellow Mood Group won the ownership of Párisi Udvar last summer, at an international competition of several rounds. The purchase price was 2,1 billion HUF. Párizs Property Ltd., the Hungarian project company of the group also tendered. (Párisi Udvar has been empty for years, the municipality has spent more than 9 million HUF for its guarding.)

The latter company is mentioned as the investor in the draft decree which was put on the website of the government last week.

The project company was founded last February, by a company registered in Belize. In March, it was joined by an individual from Abu Dhabi. Regarding ownership, both were followed by Majdi Helmi Rida, who is currently living in Budapest. According to the data, he is the only owner, and he is also entitled to represent the company. The registered capital of the company has grown to 3 million HUF since last April.

based on article of napi.hu
translated by Vivien Pásztai

Source: http://www.napi.hu/