President of Hungarian Hotels and Restaurants Association Tamas Flesch says foreign investors preying on hotels and restaurants in Budapest. In a comment for “Daily News Hungary” Flesch has mentioned that due to the credit moratorium many hotels have managed to survive as they don’t have to repay development loans. According to Flesch no large sales are to be expected in the upcoming months, despite there being increased interest in purchasing hotels that have not been fully operating since April 2020. CIJ understands that many potential buyers are offering to pay even 50% of the preepidemic value of the hotel, yet owners who have had such offers have rejected them.
