Europe’s largest hostel chain a&o is set to open its first property in Budapest. The company has been searching for suitable properties for a year and found the right building in the vibrant part of district 7, with the help of Cresa.
Built in the early 20th century the building was previously used for residential, office and lately student housing purposes and is now being transformed into a fully refurbished hostel featuring 108 rooms with 412 beds, attracting tourists looking for lower budget, but quality accommodation. The hostel with feature family and dorm rooms and is expected to open in Q3 2019.
“We are excited to have finally found a property in one of the most interesting hotel markets in Europe. The building goes back to the 1890s and has additional charm due to its high ceilings and courtyard. It´s location within Erzsébetváros district and close proximity to all major touristic locations in Budapest, make it an excellent addition to our existing portfolio.” said André Yoleri, Development Manager of a&o. He added about a&o’s expansion plans “We are very keen to expand further in the CEE regions and create a solid footprint for our brand.”
Péter Takács, Partner at Cresa Hungary added,
„We are delighted that we could find a building that meets a&o’s requirements both in terms of quality and being and ideal location for accommodation purposes.
The building currently needs renovation but will be transformed into a vibrant venue providing quality hostel accommodation enriching this part of Budapest and further strengthening Hungary’s attraction as a destination for international travelers. With the renovation of the building another historical property will be reborn and will contribute to the further development of the area.