The largest privately owned hostel-chain in Europe a&o Group opened its first quarters in Budapest in 2019. The German group created a modern hostel by simultaneously restoring and transforming a historic property into a 108-room hostel. ConvergenCE was leading the complete reconstruction of the selected property in Csengery street.

a&o Group 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 was utilized as a youth hostel and later as an office building.

Entrusted by a&o, ConvergenCE led the reconstruction project from the planning through execution, preserving the original character and architectural significance of the building. Its tarnished façade was restored to its original form based on images on old photographs, while the building’s interior was entirely renewed. After project managing numerous office and healthcare investments, ConvergenCE also leveraged 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 opened its gates in Q3 of 2019.