Budapest hotel developments stopped

Increasing building costs, no credit from the banks, or if they give the developer must have higher own resources as before.

 According to business daily Napi
Gazdaság 20 hotel developing stand in winter sleep and not
because of cold weather. Everybody is waiting what the financial
crisis brings, so we have to wait for several further planned 4 stars
hotels, for example in Fiumei, Nagymező, Nefelejcs or Ó
street.

Zoltán Kali, KPMG's hotel
developing manager said at 2008 years end either a single hotel
project not started. But the developers with unfinished project are
in bigger trouble. Specialist hopes, that the crisis will be short,
and the developing will continoues. The Hungarian capital needs new
accomandation, maybe not with 4 starts. The market needs hotels with
3 stars and correct service, he said.