ConvergenCE Enters Hotel Development
The largest privately owned hostel-chain in Europe a&o Group will open its first quarters in Budapest in 2019. The German group creates a modern hostel by simultaneously restoring and transforming a historic property into a 108-room hostel. ConvergenCE is to lead the complete reconstruction of the selected property in Csengery street.
a&o Group has found the ideal premises for its first Hungarian hostel in the heart of the 7th District. Built around the turn of the century, the Csengery street building was originally a Ferdinand Piatnik & Söhne Playing Card factory. During its long history, however, it has also been utilized as a youth hostel and later as an office building.
Entrusted by a&o, ConvergenCE shall lead the reconstruction project from the planning through execution, preserving the original character and architectural significance of the building. Its tarnished façade will be restored to its original form based on images on old photographs, while the building’s interior will be entirely renewed. After project managing numerous office and healthcare investments ConvergenCE shall now also leverages its project management experience into hotel development.
“Its excellent location and facilities make this Csengery street building truly suit touristic purposes. a&o and ConvergenCE’s shared initiative is to restore the authenticity of the building’s forefront while transforming the interior to develop a hostel that responds to modern day demands,” said asset management director of ConvergenCE, Csaba Zeley.
Henri Wilmes, a&o´s Chief Investment Officer, confirms: “This building will be a very exciting addition to our portfolio. We are delighted to have found such a property in one of the most sought-after hotel markets in Europe.” With 34 buildings in 21 cities and six countries, a&o is currently the largest privately-run hostel chain in Europe. More projects in Eastern and Southern Europe are to come. Their first Budapest-based hostel will open its gates in Q3 of 2019.