Wing and Accor agree on hotel development

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Wing and Accor have entered into a long-term agreement for a hotel of over 12,000 m² in the 42,000 m² Liberty office complex for a dual-brand hotel under the Ibis and Tribe names. The 3-star ibis and the 4-star Tribe will each operate half of the building, ie 332 rooms. This will be the first Tribe Hotel in Hungary.

Construction is underway and the hotel is expected to open in fall 2023, according to Wing. The ground floor of the south wing will house the reception and lounge facilities, which will also function as a business space. The hotel will include a conference and event venue with a capacity of 220 people, a restaurant and a gym. The rooms will be located on the fifth through eighth floors in the first phase of the two-phase development.

“As a multifunctional building, Wing’s flagship development, Liberty, will occupy a unique position in the Hungarian real estate market. The synergy of the hotel function and the office spaces in the building will provide unprecedented opportunities for modern businesses,” says Norbert Schőmer, Deputy Managing Director and Head of Office Development.

The recovery of the Budapest hotel market has been slow since the lifting of travel restrictions due to the coronavirus. However, property consultancy CBRE estimates that 1,140 hotel rooms will open in Budapest this year.

“While performance metrics clearly show hotel demand has declined due to the effects of COVID-19, hotel development has not plummeted. The planned hotel pipeline peaked just before the pandemic, and although there have been international delays in 2020, most of the announced developments are happening in 2021 and 2022,” comments CBRE.

Easy access

Liberty’s location will make the resort suitable for business travelers and tourists alike with a direct road connection to Budapest Ferenc Liszt International Airport and easy access to the city center. Wing is aiming for BREEAM “Excellent” certification for the building, located in District IX on Budapest’s Outer Boulevard, at a crossroads of road transport, metro and tram.

The complex, designed by DPi Design Studio, will include a rooftop running track and sports fields, a quiet 1,000 m² indoor garden with outdoor workstations, bike racks with changing rooms and showers and charging stations. charging for electric cars. A rooftop bar will be available to hotel guests and tenants.

The mixed-use hotel-office south wing is scheduled for completion in early 2023, while the development of the 20,000 m² north wing is proceeding concurrently and is expected to be completed in late 2023.

Wing has developed 1.2 million m² of space in Hungary and has ongoing projects in the office, industrial, retail, hospitality and residential real estate sectors. The company seeks to expand in the Central and Eastern European region and is the majority shareholder of Polish developer and investor Echo Investment, which is listed on the Warsaw Stock Exchange. The company also purchased two office buildings in Sofia.

According to Cushman & Wakefield, the Budapest office pipeline for 2023 amounts to 362,000 m², of which 57,000 m² is already pre-let, according to Cushman & Wakefield.

This article first appeared in the print issue of the Budapest Business Journal on November 5, 2021.

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