The Hungarian consortium responsible for this development (who wishes to remain anonymous due to the sensitive nature of such an undertaking) has extensive experience in building and renovating commercial real estate and this new $ 76 million project presents an exciting opportunity to give back to Budapest a piece of its history by judiciously restoring the monument to its original baroquian charm.
In converting the building into a swanky 5 star hotel with such amenities as a quality restaurant, bar, cafe, wellness center and spa, conference facilities, and shops, it will be reborn into a relevant part of the economy and once more charm and attract people from near and far.
By joining the EU, Hungary’s number of individual travellers grew. And though Hungary’s tourism industry has recently suffered a hit due to the recession that blew over the European continent (and indeed worldwide) 5 years ago, growth is powered by the recent awakening of MICE (meetings, incentives, conferencing, exhibitions) tourism, which usually anticipates the moves of the leisure market segment.
Budapest not only boasts being the most beautiful city in Central Europe whose many top attractions are UNESCO World Heritage sites but also leads the country’s tourism industry in terms of price/ratio.
The method by which this project is to be funded is the brainchild of Mr Gilles Herard, Jr. Mr Herard is a seasoned Merchant Banker and has been in the banking industry for 40 years. He worked early in his career at the Toronto Dominion Bank (Canada) and later on joined Manufacturer Hanover (MH) of New York as Senior Credit Analyst. He eventually created his own Firm, Capital Corp Merchant Banking, where he syndicates and structures funding for top companies worldwide, all the while investing his own firms funds into the projects.
As the head of Capital Corp Merchant Banking, Mr Herard has become a leading figure in international middle-market project financing and engineers all funding structures for projects at Capital Corp. Mr Herard has received numerous awards for his work and other contributions including being appointed to the Presidential Business Commission, Honorary Co-Chairman of the Business Advisory Council, nominated as Executive of the Year by the internationally acclaimed National Registers Whos Who, and having received the Senatorial Medal of Freedom, among many others.
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