The Hungarian Lakatos, Koves & Partners law firm has advised the Al Habtoor Group on its purchase of the Hotel Intercontinental in Budapest.
The purchase price was not disclosed. The purchase follows the signing of an agreement in February between the UAE and Hungary that provides the legal framework for operators to launch flights between the two countries without any restrictions.
Khalaf Al Habtoor, the billionaire chairman of the Al Habtoor Group, tied his interest in the hotel to the recovering Hungarian economy, saying.“I am very pleased to add the InterContinental Budapest to the Al Habtoor Group’s hotel portfolio. The Hungarian economy is growing at its fastest pace since 2007. It has recovered well from the recession. The economy grew 1.2 per cent last year and is doing even better this year. Hungary has a stable government with Prime Minister Viktor Orban’s government being elected for a second term recently, ”
The Intercontinental becomes the second hotel to be purchased by the Al Habtoor Group in the Hungarian capital, after its acquisition of the historic Le Meridien Budapest in 2012. The Al Habtoor Group owns and manages three other hotels in Dubai and two in Beirut, in addition to its Hungarian properties.
Dubai-based private equity firm PCP Capital Partners also advised on the Intercontinental transaction.