Renaissance by Marriott Hotel Budapest, Hungary
Office: Horwath HTL Hungary & Russia
Scope of Work:
- Market and Financial Feasibility Study;
- Operator Selection and Contract Negotiation;
- Feasibility Update;
- Market Assessment and Financial Due Diligence Report.
Overview: We have been involved with the subject project since its very beginning in 2007. Following a complete market and financial feasibility study we have secured a signed management contract with Marriott for the proposed Renaissance Hotel in 2008. In 2011 we have prepared an update report for the Client to assess the feasibility of the project in light of the impacts of the global financial crisis. Most recently in 2015 we have been tasked to provide an expert report for the financing bank (EXIM Bank) with regards of the proposed acquisition of the property.
Horwath HTL Solution: Based on our knowledge of the subject building and familiarity with similar hotel developments regionally and internationally, we prepared our expert report and financial projections taking the proposed configuration of facilities into consideration. We have also provided recommendations on those facilities and amenities that we think the hotel should offer in order to optimise its market penetration.
Project Status: Assignment completed in different phases between 2007 and 2016, project in preparation phase, expected opening in 2018