The Portuguese owner of the building located on Andrássy út that was once home for the Hungarian Ballet Academy has had a declaration of willingness signed by Zara Invest AG to buy the property. The owner-to-be is planning to reconstruct the building into a five-star hotel.
The current owner of the building located on Andrássy út that was once home for the Hungarian Ballet Academy, the Portuguese QPR Investimentos S.A. and the future owner, Zara Invest A.G. signed a contract. Zara Invest A.G. is about to buy the property and reconstruct it into a luxury hotel. It is important for the self-government of the Hungarian capital that properties located at World Heritage Sites don’t stay vacant; they have to be made been able to be used appropriately, keeping their original characteristics. The self-government made a law proposal that suggests the Hungarian state can get back these buildings if the new owner lets them stay vacant. The capital considers the appropriate usage of the building standing opposite of the Opera House on Andrássy út very important, since it is one of Budapest’s most famous symbols. The self-governments of the 6th district expects Zara Invest AG to regularly inform them about the state of the renewal of the building.
Puccini Was One of the Guests of the Coffee House Previously Operating in the Building
The plans of the building that was home for the Hungarian Ballet Academy for decades were made by Hungarian architects Ödön Lechner and Gyula Pártos, and was built in 1883-86. The building that shows the characteristics of the early French renaissance was admired by contemporary French architects who came to Hungary for the 1885 National Exhibition. The building was named Drechsler Palace after the coffee house that was operating in the basement, the ground floor and the storey. The facility contained a saloon for the ladies, a bowling room, a gaming room, a brasserie and a banquet hall, and had some famous artists among its guests like composers Giacomo Puccini and Gustav Mahler. The building was later home for the Hungarian Ballet Academy, until 2002. The then self-government of the 6th district sold the property in 1997 for HUF 220 million. Then later, in 2012 the new Israeli owner sold it to the Portuguese QPR Investimentos S.A. for HUF 7.5 billion.
Sources:
hvg.hu
budapest-anno.blog.hu
