Dubai: The Ritz-Carlton has struck a deal with Dubai-based conglomerate Al Habtoor Group to operate its first hotel in Budapest, Hungary, Mohammed Al Habtoor, vice-chairman and chief executive of the group said on Tuesday.
The 192-room property, owned by Al Habtoor, will undergo a renovation worth 10 million euros. It is set to open in early 2016.
“Budapest needs a brand such as The Ritz-Carlton to attract the upper market,” Al Habtoor said.
The announcement at the Arabian Travel Market (ATM) in Dubai came a day after Khalaf Ahmad Al Habtoor, the group’s chairman, met with Arne Sorenson, president and chief executive of US-based hotel chain Marriott International, which owns The Ritz-Carlton. They discussed further collaboration, according to a press release from the group.
The Habtoor Grand Beach Resort & Spa joined Marriott’s Autograph Collection earlier this year.
The group is looking at investments in the US and Europe, but not in the Far East at present, Al Habtoor said.
“We have been talking in the US and Europe. We want to sign maybe one before the end of this year,” he said.
The group’s portfolio includes two hotels in Beirut, four in Dubai, two in Budapest and one in the US.
