WING Sells Angyal Office Building to B&B Hotels, the Leading French Economy Hotel Chain
December 21, 2018
WING has sold the Angyal (Angel) office building, set adjacent to Boráros Square in central Budapest, to French economy hotel chain B&B Hotels. The building will be converted to a hotel based on the two companies’ strategic agreement, and become B&B Hotels’ first hotel in Hungary, with WING taking on development tasks.
Changing the former office building’s function is justified by its excellent location: The building is situated close to downtown, the business district and popular Ráday Street, with Danube River views and great public transport connections, while also being within easy reach of the M1, M5 and M7 motorways.
WING Zrt. has sold the Angyal (Angel) office building with 7 700 sq. metre floor space, set adjacent to Boráros Square in central Budapest, to French economy hotel chain B&B Hotels. The building will be converted to a hotel based on the strategic agreement between the two companies, and thus become the third largest European economy hotel chain’s first hotel in Hungary, with WING taking on development tasks.
“WING’s goal is to provide complex real-estate solutions to leading multinational and domestic companies active in Hungary or seeking to expand on the Hungarian market, and looking for a professional partner with market expertise and references. It gives us great pleasure to be able to support B&B Hotels as they enter the Hungarian market through a property with excellent attributes making use of our real-estate development expertise as well”, Noah Steinberg, WING Chairman and CEO said.
The former B-category office building faces the Danube, has good visibility and an excellent location. The vicinity of the downtown area, the business district and Budapest’s popular gastro-promenade, Ráday Street; the good accessibility of the area using public transport connections; and the easy reach of the M1, M5 and M7 motorways all make the building ideal for a future hotel.
“B&B hotels is very pleased to announce its first establishment in Hungary. This acquisition is indeed the first step towards the opening in 2020 of a 214-room hotel, located in the heart of a dynamic and central neighbourhood of Budapest. B&B hotels thus intends to propose an innovative hotel offer which combines a design concept, attractive prices and a high-quality service conceived for both business and leisure customers. This project is part of the group's expansion strategy in Europe and is evidence of our desire to further develop in Hungary and in the neighbouring countries as well” - Fabrice Collet, head of B&B Hotels states.
The hotel, to be brought into existence by transforming the Angyal offices building, is WING’s second hotel project in a short time: Hungary’s first airport hotel with direct terminal access, the ibis Styles Budapest Airport Hotel, opened its doors at the beginning of 2018.
Established in 1990, B&B Hotels is Europe’s third largest economy hotel chain, which operates more than 470 hotels across the continent. As regards to Central and Eastern European region, the chain operates six units in Poland, 1 in Slovenia and one in the Czech Republic. Several projects are planned in neighbouring countries as well (Slovakia, Croatia, Bulgaria). The hotel to be developed in the Angyal office building will become B&B Hotels’ first property in Hungary.
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