Ablon clinches hotel management deal with Marriott

Guernsey-registered Ablon Group has agreed a 30-year management contract with hotel operator Marriott International for Ablon's Blaha Center hotel development in central Budapest.

Blaha Center is Ablon's first hotel development and will be the first 'Courtyard by Marriott' hotel site in Budapest. The hotel will have 235 rooms as well as 5,500 m² of retail space when completed by end-2009. The total cost of the project is estimated at EUR 40 mln. Ablon expects net operating income from the project, including income from the hotel, parking and retail space, to reach around EUR 4.5 mln per annum.

'Ablon Group has a long and successful track record developing new office and commercial properties of the highest standards in Budapest. With the development of Blaha Center, we have found an opportunity to leverage our expertise and apply it to the hotel market, thereby enhancing our mix of property assets. Budapest attracts a high number of business tourists and we are very pleased to develop, in partnership with the leading hotel group Marriott International, this new and unique venue', said Uri Heller, founder and CEO of Ablon.

Ablon Group is a property development company active in Central and Eastern Europe.