August 10th, 2009

Israeli developer plans long-term investment of Ft 75 billion for Balaton resort

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Israeli-owned Pro-mot Hungaria plans to spend HUF 75bn over 10-20 years to transform Club Aliga, a resort on Lake Balaton it bought in a privatisation in 2007, into one of Europe’s most elegant retreats, participants at a meeting of the Balaton Development Council said on Friday.

Council chairman Tamas Suchman said Pro-mot Hungaria would not, to the best of his knowledge, require state subsidies to carry out the project.

Pro-mot Hungaria CEO Frank Zvi said the company had so far spent HUF 6bn on the purchase price and planning for Club Aliga.

Pro-mot Hungaria won the tender for the resort after promising to pay HUF 4.5bn to acquire three parts of the complex and a little more than HUF 900m for the rights to use a fourth part for 49 years, Econews reported earlier.

Pro-mot Hungaria wants to convert the almost two kilometres of shoreline that belongs to Club Aliga into beaches and promenades that will be open to the public, Mr Zvi said. It will also build four hotels as well as bungalows. Construction could start within half a year after the necessary permits are acquired, and the resort could welcome its first guests 24 months after that, he added.

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  1. monitor says:
    August 10, 2009 at 6:11 pm

    So this is where part of Madoffs stolen money is going!

  2. Anonymous says:
    August 10, 2009 at 7:00 pm

    You’ve got it! When you shake on a deal with an Israeli biznicman, you best be counting your fingers afterwards… ;-)

    Also, this far-fetched story reads more like a Grimm fairy tale of impossible dreams than a cold shower of 2009 reality.