Dubai The Al Habtoor Group said it had acquired the Le Méridien Budapest — a 218-room luxury hotel in Hungary's capital city, for an undisclosed amount.

The group has already mentioned that it will be active on the hotel real estate market, ready to invest a huge available amount of cash. The Al Habtoor group has made the headlines with a billion-dollar project in the heart of Dubai capital and now with its ambition to look around the world for hotel acquisitions. .Close to the main attractions, it's just minutes from the River Danube, Le Méridien Budapest is already a well-known landmark in Budapest. This hotel, managed by Starwood Hotels and Resorts, has a ballroom which can accommodate up to 210 guests, and seven boardrooms for conferences. It will be the 10th hotel in the Al Habtoor Group hotel portfolio. The company already owns three in Dubai and four which are currently being built, as well as two in Beirut."I am pleased to be able to contribute in some small part to its tourist industry as I believe the country has a lot to offer and a bright economic future ahead of it," Khalaf Al Habtoor, the group's chairman, said in a statement following the acquisition. "We are seeking more investment in our tourism industry — including in the development of new hotels and resorts, said Timea Czunyi, International Market Development Manager at Hungarian Tourism, which is in talks with Emirates, Etihad Airways and flydubai to connect Hungary to the UAE."We are delighted to partner with the Al Habtoor Group again and to continue the successful management of the landmark Le Méridien Budapest Hotel under this new ownership", said Thomas Willms, vice-president and regional director for Starwood Hotels and Resorts in East and Central Europe.