A new milestone in Mellow Mood Group’s development is Párisi Udvar

2014-05-21

Mellow Mood Group, owned and managed by Mr. Sameer Hamdan and Mr. Zuhair Awad proved again that its dynamic, developing, young and energetic team is able to bring such projects to Budapest and Hungary which will protect another national monument from the devastation and give it back to the capital and the 5th district as a diamond.

The national monument of the Párisi Udvar with its difficult fate is one of the most beautiful and well-known architectural works of the capital, whose condition steadily declined during the past years. Mellow Mood Group managed to find such an investor, Mr. Ayesh-Majdi Helmi Rida, who with this purchase ensured the opportunity for its protection. The new owner  studied in Hungary, but later moved to Dubai. He returns to Hungary more times during the year and as he has a strong affection for Budapest he was looking for investment possibilities. From the starting point of the processes he needed a local partner with experience in reconstruction of national monuments and in project management. Mellow Mood Group not only has the relevant experience, but its owners are friends of Mr. Rida, therefore they mutually trusted in each other. For this reason the management rights will belong to the Mellow Mood Group.

Reconstruction of the Párisi Udvar, one of Budapest’s gems will further strengthen the 5th district.The intention is that they want to lift the standard of this part of the downtown, which makes Budapest more attractive for tourists, increasing the turnover and incomes of the city. The planned hotel, restaurants and shops will create several new jobs in the capital.

The last huge project of Mellow Mood Hotels, the 5-star luxury Buddha-Bar Hotel Budapest Klotild Palace, which takes place in the beautifully reconstructed building of Klotild Palace was awarded in November, 2013 with the Best International Hotel Interior Award. This recognition is an evidence that an extraordinary value can be created by the protection of a national monument.

The Group’s, which exists in the tourism market since 1997, has 13 hotels in Budapest and 1 in Vienna, office buildings and retails, wants to aim at a segment that makes its operation full.

The new owner will continuously inform the public about the project.