C&W selling former Szot Hotel in Budapest (HU)

Cushman & Wakefield (C&W) the world’s largest privately held commercial real estate services firm, has been appointed to sell the circa 23,000 m² Rose Hill site in Budapest’s wealthiest and most exclusive residential area. The over 20,000 m² unfinished structure and land is now owned and marketed by CIB Group.
“Everyone living in Budapest is familiar with the former SZOT hotel. It is in all our interests that this landmark site, which is such a defining feature of the cityscape, should be developed and finally takes finally pride of its place in the Rose Hill panorama again. We trust that with the expert help of C&W the site will soon find a new owner and will once again be the jewel in the crown of the district and of Budapest as a whole,” said Michael Clark, Deputy CEO of CIB Group.
Mike Edwards Partner, Head of Capital Markets Group at C&W Budapest said: “C&W is delighted to be instructed to sell such a high profile site with such enormous development potential. We are confident that the right purchaser is out there who can see the potential vision of acquiring this site and the opportunity of putting their own mark on it. On the back of a recovering investment market in Budapest, we are confident that CIB will enjoy decent interest for this site and looking forward to formally bringing it to the market in the short-term.”
Source: Cushman & Wakefield