Khalaf Al Habtoor buys InterContinental Budapest

Khalaf Ahmad Al Habtoor, the chairman of the Al Habtoor Group, has purchased the InterContinental Budapest.

It is the UAE-based businessman’s second hotel in the city, following on from the acquisition of Le Méridien Budapest in 2012. Dubai-based private equity firm PCP Capital Partners advised on this latest transaction.

InterContinental Budapest has more than 400 rooms and suites and caters to business and leisure travellers. It offers 180-degree views of the Danube river and landmarks close to the property include Széchenyi Chain Bridge, the former Royal Palace and the Parliament Building.

“Budapest is a great city. It has a vibrant tourism industry and the people are very welcoming,” said Al Habtoor.

“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 the Prime Minister Viktor Orban’s government being elected for a second term recently.”

The Al Habtoor Group recently opened its latest Dubai property, the Waldorf Astoria Dubai Palm Jumeirah, and is currently developing Al Habtoor City, which will be home to three Starwood hotels: The Westin, the W hotel and the St. Regis.