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Foreign and domestic buyers are “besieging” hotel owners in Budapest, but despite the keen interest, an agreement has yet to be reached, writes Privátbankár. Buyers think they can get a building for half or a quarter during the epidemic, but hotels will not give up on price and would only be willing to ditch their hotel at a pre-Covid price.
All this occurs in a situation in which tourism has practically ceased as a result of the restrictions caused by the epidemic. The hotels are closed and the staff, with a few exceptions, have been impressed. So it would make sense for owners to want to ditch their hotel, which is not profitable but costs a lot to maintain.
President of the Association of Hungarian Hotels and Restaurants, co-owner of the Continental Group, Tamás Flesch According to the appellant, there is currently no obligation to sell because, due to the current credit moratorium, the urban loans contracted do not have to be repaid at the moment, so there is nothing that obliges the owners to sell. According to him, this situation is so stable that big sales cannot be expected in the coming weeks or months.
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