International Hotel Investments plc - New Management Agreement in Hungary

On 17 October, CHI Hotels and Resorts (formerly known as Corinthia Hotels International), the hotel management arm of International Hotel Investments plc, issued a press release announcing the signing of a technical assistance and management agreement with Oak Valley KFT of Hungary for the operation of the Corinthia Budapest Gate Hotel and the Corinthia Budapest Gate Residences both forming part of the Budapest Gate project.

The Budapest Gate Resort is a 280-hectre resort town, 38 kilometres west of Hungary’s capital city Budapest. The resort, expected to open in 2012, will include a 200-room five-star deluxe hotel, 700 deluxe serviced apartment suites and villas, an 18-hole championship golf course, spa, outdoor sports facilities, a 3,000 sq. metre conference facility, breakout rooms and banqueting and exhibition spaces. Moreover a casino and an acqua park are also planned for the latter stages of the project.

This new agreement follows the recent announcements published in June and September revealing the contracts signed in Abu Dhabi and in Sharm el Sheikh, Egypt.

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