Khalaf Ahmad Al Habtoor, the chairman of the Dubai-based Al Habtoor Group, has acquired the InterContinental Budapest hotel, it has been announced.
Al Habtoor said Dubai-based private equity firm PCP Capital Partners advised on the transaction and it is the second hotel he has purchased in the Hungarian capital, a statement said without disclosing the value of the deal.
In 2012, he purchased the historic Le Méridien Budapest located in the heart of the Hungarian capital.
Al Habtoor said: “I am very pleased to add the InterContinental Budapest to the Al Habtoor Group’s hotel portfolio. It is the largest in the city. It has more than 400 rooms and suites and accommodates business and leisure travelers alike.
"The hotel offers breathtaking views of Budapest – including some of the city’s most iconic landmarks.”
The announcement comes just days after Al Habtoor was in Budapest for the launch of the Hungarian language edition of Khalaf Ahmad Al Habtoor: The Autobiography.
The Al Habtoor Group is currently embarking on an aggressive expansion drive. It recently added the Waldorf Astoria Dubai Palm Jumeirah to its hotel portfolio, and is building a new landmark in Dubai – Al Habtoor City.
The mega project, under construction, will be home to three Starwood hotels - The Westin, the W hotel and the St Regis. It will also feature a tennis academy, a European-style Boulevard, and a Marina on the Dubai Water Canal.
The Al Habtoor Group also owns and manages three other hotels in Dubai, two in Beirut, Lebanon and one in Budapest.