UAE’s hospitality major, Al-Habtoor Group is reportedly planning a major investment move in Hungary and several other central European countries.
The company is currently assessing opportunities in the hospitality, leisure and even medical facilities in the Hungarian capital of Budapest, Arab News reports.
EU-member Hungary has been touted as one of European countries with the best potential for foreign direct investments because of its pro-business, low-tax economic regime.
The group is also assessing opportunities in other central European countries that have become available because of the recent coronavirus crisis.
The investment strategy should also strengthen the already existing portfolio of the Dubai hospitality group, founded by hotel mogul Khalaf Al-Habtoor, in the central European countries, the report quoted a source as saying.
The Dubai group has a growing list of hotel properties in Budapest including the iconic InterContinental Budapest, which offers a view of the Danube river and landmarks such as Széchenyi Chain Bridge, the former Royal Palace and the Parliament Building, as well as the historic Ritz-Carlton Budapest that it purchased in 2012 under the Le Méridien brand.
Among other European hotels under Al-Habtoor’s portfolio includes Hotel Imperial in Vienna, which it acquired from New York-listed Starwood Hotels and Resorts for $78.8 million, as well as the Hilton London Wembley. The company bought both properties in 2016.
Hotel Imperial Vienna was originally built in 1863 as an official residence of Prince Philipp of Württemberg, before it transitioned into a hotel ahead of the World’s Fair in 1873. Hilton London Wembley overlooks the English national football stadium in Wembley Park.
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