March 8th, 2010

Hotelier inaugurates Ft 700 million conversion in Hungarian resort town

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Hotelier Erno Lengyel on Friday inaugurated another luxury hotel in the resort town of Balatonfured. The hotel is in a 120-year-old listed building converted at a cost of HUF 700m.

European Union covered HUF 115m of the cost of the project, said Central Transdanubia Regional Development Council chairman Bela Pal.

A year ago, Mr Lengyel inaugurated another city landmark he converted into a luxury hotel, called Anna Grand Hotel. The project won HUF 75m in EU funding.

Mr Lengyel covered the cost of the two projects with HUF 1.7bn of his own money and about HUF 3bn in bank loans.

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