Al Habtoor Group announced on Monday that it bought the 218-room Le Méridien Budapest, located in Budapest, Hungary, from Central European Estates.
Central European Estates is a subsidiary of conglomerate Premium International Holdings, Tel Aviv, Israel. The company is controlled by Ruth Ofer and Nimrod Rinat.
Al Habtoor, Dubai, United Arab Emirates, did not disclose the sum of the transaction but company chairman Khalaf Al Habtoor mentioned in a February interview with Arabian Business that the company was in talks to buy a hotel in Budapest for €60 million (US$78 million).
“Budapest is a beautiful, historic city with a unique atmosphere. I find its people both warm and welcoming and its culture delightful. I am pleased to be able to contribute in some small part to its tourist industry as I believe the country has a lot to offer and a bright economic future ahead of it,” said Khalaf Al Habtoor.
The hotel will continue to be operated by Starwood Hotels & Resorts Worldwide, Stamford, Connecticut.
“We are delighted to partner with the Al Habtoor Group again and to continue the successful management of the landmark Le Méridien Budapest Hotel under this new ownership,” said Thomas Willms, Starwood’s vice president and regional director of Central and East Europe.