Hungary: Israeli developer to launch €150 million project

Prominent Israeli property investor Arie Yom Tov recently unveiled plans to spend  approximately €150 million to build a five-star hotel and conference center in the town of Bicske near the capital city of Budapest.

The hotel and conference center are the latest planned additions to Yom Tov’s ongoing 280-hectare development project called Budapest Gate Golf and Residences, where plans are already in place for construction of a new 18-hole golf course, condominiums, semi-detached houses, swimming pools, a spa, wellness facilities, a retail component and a natural lake.

This latest phase of the project, which will cover approximately 75,000 square meters of construction space, is expected to get underway within the next 12 months. Currently, 2012 is being targeted as the project’s completion date.  

The new hotel is expected to feature 200 rooms and will be operated by the Malta-based CHI Hotels & Resorts. According to Yom Tov, the conference center will be the largest in Hungary, with the capacity to hold up to 1,600 visitors.



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