US-Hungarian real estate developer Indotek bought the hotel from Danubius in 2019, and undertook to turn it into a five-star luxury facility.

The parties agreed that Danubius would continue to operate the Gellért in the following years, during the planning phase of the reconstruction and until the completion of the permit process. This period ends on December 1.

There is no information on how long the renovation work will last. The interior of the 103-year-old building will undergo significant changes.

Danubius is planning retro dinner nights with concerts, tours and light painting in a symbolic farewell to guests in the coming weeks before the hotel closes.

The sale does not include the world-famous spa located next to the hotel, as it is owned by the city.