The State General Reserve Fund, an Oman sovereign wealth fund, has completed the purchase of the Four Seasons Gresham Palace Hotel in Budapest, Hungary.
Four Seasons Hotels Inc., Toronto, will continue to operate the 179-room luxury hotel. The amount of the sale has not been disclosed, according to media reports.
"We see the hotel as a premier asset in the Budapest market, a market that is in the right phase of the RevPAR/valuation growth cycle, which has the potential to yield significant upside over the longer term," said a State General Reserve Fund representative.
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The historic Art Nouveau building, which dates from 1906 and is located adjacent to the Széchenyi Chain Bridge on the Pest side, reopened after an extensive renovation in 2004.
“The sale of the property to SGRF, a highly respected long-term international investor, is a testament to their confidence in the Budapest hospitality market and serves as a very positive development for the hotel,” said Antoine Corinthios, president of EMEA for Four Seasons Hotels and Resorts.
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