Colliers International’s Hungarian arm has established a new hotel and leisure department. The Budapest team will operate as part of the Colliers International Hotel Service Group that has been active internationally since 1985, Director of Hotel & Leisure Division Hamish Williams announced.

Hungary has become an increasingly popular destination for tourists and business travellers alike. The beauty and history of Budapest are natural attractions, as are the thermal baths, spas and wellness centres that grace the city as well as the countryside. Hungary’s Central Statistic Office (KSH) recently released data indicating that the number of foreign tourists increased year on year by more than 8% in January and February. It is also reported that hotel revenues rose by 12.5%, which is almost double the projected figure of 7%.

There have been a number of new entries into the hotel market, the most notable being the management contract for the Klotild Palace by the world famous Buddha Bar. Initial plans suggest that the palace, a historic Budapest landmark, will be renovated and converted into a thematic hotel and restaurant.

The business environment in Hungary has kept pace with multi-national tenant demands thanks to the construction and development of modern office complexes. The large number of low-cost, highly qualified English-speaking employees has turned Hungary into an attractive target for the multinational companies, which are quite comfortable opening call centres or shared service centres here, all of which require access to business hotels and conferencing facilities that meet international standards.

The Colliers International Hotel Group was established in 1985 as a specialist in hotel and leisure market real estate transactions. It is spearheaded globally by offices in London, Toronto, and Sydney. To date, Colliers International Hotels has managed transactions valued at over US$ 3 billion on behalf of hotel owners.