The lease was renewed via their Hungarian subsidiary, for further 20 years period starting from 1 January 2019.
Arena Hospitality published a document stating that it has renewed the lease of the art’otel Budapest, via their Hungarian subsidiary, for further 20 years period starting from 1 January 2019.
The annual rent is based on a percentage of the hotel’s revenue with a minimum element. The Group states that they will continue to invest in the property to further build on their already strong position in the market.
As Arena reports their financial statements from Germany and Hungary together, we observed their T12 2018 revenues and EBITDA. Arena’s T12 revenues in Germany and Hungary amount to EUR 32.5m which is an increase of 6% YoY and makes for 32% of the total T12 revenues. Meanwhile, their T12 EBITDA amounts to EUR 6.6m which is a 14% increase YoY and accounts for 22% of the total T12 EBITDA.