New York Palace in Budapest sold to French real estate company

Värde Partners said goodbye to its eight luxurious hotels for a significant amount of money. Among the eight special accommodations, two are located in Hungary, Budapest.

HVG reported that the American investing company made a deal after negotiations with the French Covivo to sell its eight luxurious hotels in Europe which are part of their unique portfolio.

The New York Palace and the New York Residence, both located in Budapest, are also parts of the portfolio and the sold hotels. The worth of the hotels individually is unknown, but the eight hotels were sold for approximately 573 million EUR all together.

Both the palace and the residence are five-star hotels in District 7 of the Hungarian capital. The New York Palace was built in 1894. The residence was constructed later in the 20^th century. Between 2001 and 2006, the palace was renovated. The building of the New York Palace also gives place to Budapest’s most monumental café house the New York Café.

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Covivo also bought grand hotels like the Hilton in Dublin for 46 million EUR.

The drawback factor of the deal is that all the Hungarian hotels are under the brand called The Dedica Anthology, a brand the new owner might not intend to keep in the future. The deal will be completed entirely this year.

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Source: www.hvg.hu