NEW YORK According to HVS International, Corinthia Hotels, the Maltese-based hotel company, plans to invest euro 69.8 million, or $61 million in the reconstruction and refurbishment of the five-star Budapest Royal Hotel in Budapest, Hungary, expected to reopen in the summer of 2002. Corinthia also operates the five-star, 310-room Hotel Acquincum in Budapest.
In April, Corinthia announced its plans to invest euro 56 million, or $48.9 million to buy and renovate hotels in Croatia. Corinthia has applied for the privatization of the Croatian hotel, Cavtat, and plans to invest euro 20 million, or $17.4 million to convert the property into a five-star hotel. (5/29/01)
SOURCE:HVS International