CPI buys hotel properties in Hungary, Czech Republic

CPI Property Group acquired three hotel properties in the Czech Republic and Hungary. The assets include a historic building in Český Krumlov, an existing hotel in Olomouc and an office building adjacent to a hotel in Budapest. The historic building in Český Krumlov will be completely reconstructed into a four-star boutique hotel with approximately 30 rooms and is scheduled to open in 2019. Olomouc Centre operates under the Ibis brand and offers 90 rooms, five fully equipped conference rooms and onsite parking. The third property is located in downtown Budapest and serves as an office building. CPI intends to refurbish it into a three-star hotel in the future.