VEKOP-8.5.3-17-2018-00152

Parisi Court is being renewed

2014-05-21

The fifth district sold the Parisi Court to the Mellwo Mood Group. The directors of Mellow Mood Hotels signed the agreement with Antal Rogán (Fidesz-KDNP) mayor, on Wednesday.

The building had business purposes, appartments, studios, and the cost of the renovation exceeded the sources of the local administration. Furthermore, it wasn’t possible to acces the sources of EU – said Antal Rogán before the signing.

We can expect quality work

The mayor stated that the Mellow Mood Group is a guarantee for quality work, he is certain that the “old gem won’t go to waste”, instead it will be an important developement for budapest. He added: the developers other outstanding work is also in the city center, the Klotild Palace, therefore we can expect quality with the Parisi Court too.

According to Antal Rogán, the developers included other investors to the buying, but the Mellow Mood Group will be the developer and operator. He emphasised that the agreement states guarantees: they have to present plans in 2 years, and they have to finish the renovation in 7. At the handover, an inventory was written and the guidelines for monumental renovation were set.

The Parisi Court sold for 2,1 billion forints, and the local administration will use this amount to renew the facade of the neighbouring appartment buildings.

Zuhair Awad CEO and owner of Mellow Mood Group said: he wants to see the building, that haven’t been touched since 1980, in its original glory. He added: they want to have restaurants, cafés, a conference venue and a 5-star hotel in the building, they are already looking for designers. He highlighted also: it will be a new tourism center, but it creates new jobs and they will use Hungarian raw materials.

Sameer Hamdan, the other owner and CEO of Mellow Mood Group said: they came to Hungary in 1986 and started to develop real estate in 1997. According to him, tourists percieve Budapest as little Paris, he hopes they’ll enjoy this in the renovated Parisi Court as well.