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Oak Valley KFT "Budapest Gate" Project

CHI Hotels & Resorts to operate two new Corinthia properties in Hungary

eTN  Oct 17, 2008

At a press conference held at the Corinthia Grand Hotel Royal in Budapest, Hungary, Malta-based hotel operator CHI Hotels & Resorts and Oak Valley KFT of Hungary, announced the signing of technical assistance and management agreements for the operation of a Corinthia Hotel and Corinthia Residences being developed as part of the ‘Budapest Gate’ project in Bicske, a resort town 38 kilometers west of Hungary’s capital Budapest. The agreements were signed by CHI’s vice president – Development Paul Pisani and Oak Valley KFT managing director Arie Yom-Tov. Present at the Budapest press conference was CHI’s vice president for Western and Central Europe Stefan Buchs.

The two properties, to be named the Corinthia Budapest Gate Hotel and the Corinthia Budapest Gate Residences, are being developed on a resort area that lays within 280 hectares of land in Bicske, Hungary within easy reach of the Budapest – Vienna motorway.

The Budapest Gate Resort will comprise a 200 room five-star deluxe hotel, 700 deluxe serviced apartment suites and villas, an 18-hole championship golf course designed by famous architect Christy O’Connor, a spa, outdoor sports activities, a 3,000 square meter conference facility featuring the largest ballroom in Hungary, breakout rooms and banqueting and exhibition spaces. A casino and an Aqua park are also planned for the latter stages of the project, which is due to open in 2012.

Addressing the press conference, the owning company’s managing director Arie Yom-Tov said, “We are out to create something quite unique here in Hungary. The blend of deluxe hotel accommodation, apartment suites and villas, coupled with the world-class golf course and extensive conference and leisure facilities, offers a compelling choice for both business and leisure travelers. Our very experienced operating partner CHI Hotels & Resorts will no doubt be exploring the numerous marketing opportunities the project presents, in order to replicate the success achieved with their other operations here in Hungary, particularly the Corinthia Grand Hotel Royal in Budapest. We are confident that their success story is about to be repeated here in Bicske as well.”

Congratulating Arie Yom-Tov, CHI’s vice president Development Paul Pisani commented, “Hungary has a special place in CHI’s history. It was our first stepping stone into Europe back in 1996, when we started operating the Aquincum Hotel, to be shortly followed by the award-winning Corinthia Grand Hotel Royal, which has become the leading hotel in Budapest. The Corinthia Hotels brand is now also present in the Czech Republic, Portugal, Libya, Malta and Russia, and soon also in Algiers, Egypt, Rumania and London, England. As a multi-brand operator, including the Corinthia Hotels brand worldwide and the Wyndham and Ramada Plaza brands in Europe, Africa and the Middle East, we are fully committed to delivering the high standards sought by each brand, while retaining the character of each property. Standards and character that will also form the hallmark of this exciting new Corinthia / Oak Valley KFT project.”

CHI Hotels & Resorts to operate two new Corinthia properties in Hungary

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