Hungarian investor Indotek buys Hotel Gellert, plans reconstruction

Danubius Hotels Group has sold Hotel Gellert in Budapest to the real estate investor Indotek Group. The deal is expected to be completed in the coming months as several legal and administrative issues will have to be arranged. Indotek is planning to complete the reconstruction of the historically protected building while keeping the building open for operations. Indotek also expects to entrust the hotel's management to an international luxury chain.