Iconic Budapest landmark to be torn down and reborn as trendy new residence
The reconstruction of the Körszálló (Hotel Budapest) will start at the end of July, with the first phase of the project — the demolition of the outdated building — carried out by Market Asset Management (MAM) Plc., a member of the Market group. The project will continue until the end of 2027, after which a modern, sustainable residential building that preserves the original architectural values and shape will be created, the company told MTI on Friday.
The end of the Hotel Budapest
They stated that over the past decades, the Körszálló had reached a technical and structural condition that can no longer be remedied by renovation. According to plans, the demolition work is expected to last until early 2026.
The new Körszálló, scheduled for completion by the end of 2027, will faithfully reflect the distinctive form and size of the original 1967 building. During the reconstruction, a modern, premium residential building will be created, and its surroundings will also undergo a complete transformation.
One of the most important elements of the investment is the creation of a green public park open to everyone on the site of the current surface parking lot. Parking will be accommodated in an underground garage.
50 new apartments, wellness facilities, office spaces to be built
Market Asset Management Plc. is a real estate development and asset management company that has been a key player in the domestic real estate sector since its establishment in 2019.
At the end of May last year, Market Asset Management Plc. reached an agreement to purchase the Körszálló from Danubius Hotels Plc. The purchase price was not disclosed by either party.
According to earlier information from Market Asset Management, the reconstruction will create approximately 50 modern apartments, as well as wellness and fitness facilities, a restaurant, and office spaces within the building.
Read more hotel-related news on Daily News Hungary!
Read also: