New 5-star hotel opened in the heart of Budapest: Parisi Udvar Hotel Budapest in the former building of Parisi Courtyard.
This building, Parisi Courtyard is one of the most interesting buildings of Budapest. It was one of the first business houses in Hungary in a modern sense. The ground floor, inner part of it is the Parisi courtyard, which was the only shopping court in Budapest operating from the beginning of the 20th century.
The historicizing eclectic office, tenement and business building, which mixes the Moorish and Gothic styles, was not seriously damaged during the Second World War, but the emerging socialist system nationalized it in 1949 as part of bank real estate, “renovated” its interiors and remodeled its apartments. It was the headquarter of a bank that time, then the building was declared a monument in 1976.
Despite the various works, the condition of the house was constantly destroyed, and the poorly lit, dark Parisian courtyard was emptied in parallel. In the summer of 2014, the municipality managed to sell the house: the buyer became Mellow Mood Group's project company, Párizs Property Kft., for 7 million euro.
They converted the former Brudern house to a 5-star hotel in four and a half years. The development cost 55 million euros, which the owners expect to come back in 15-20 years. The Parisi Udvar Hotel Budapest is one of the dozens of Chicago-based Hyatt brands maintained in 54 countries for The Unbound Collection by Hyatt, which has two more members in Europe, the Hôtel Martinez in Cannes and the Hotel Sofia in Barcelona. The Parisi Udvar Hotel is open to the public since 11 June this year.
"We consider the Four Seasons Hotel on Széchenyi István Square to be our main competitor," the owners said, adding that they would be satisfied if the average occupancy of their luxury hotel was above 90 percent.