Budapest Decides Against Sale Of Rác Baths

  • 23 Feb 2017 7:00 AM
Budapest Decides Against Sale Of Rác Baths
Budapest city council discussed the sale of the Rác bath and hotel complex in a public session on Wednesday, rather than a previously planned closed session, due to media outrage. Representatives voted down the suggestion to sell the spa facility to state development bank MFB for Ft 2.2 billion.

The ultimate buyer would be unknown investors hiding behind the bank, business news website Napi adds.

HVG suggested earlier that this hidden investor might be István Tiborcz, the son-in-law of Prime Minister Viktor Orbán.

The MFB earlier provided a Ft 6.5 billion loan for the renovation of the bath and construction of the hotel.

Both buildings have sat empty since the work was completed six years ago, due to financial disputes.

The MFB recently offered to repurchase the Rác complex for Ft 2.2 billion plus default interest, that is for Ft 3.1 billion, because it was approached by an investor to purchase the buildings and open the bath and hotel.

Opposition representatives argued that the city should first complete the liquidation process concerning the Rác complex and then sell the bath and hotel in a public tender.

Source: Hungary Around the Clock

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