Gellért Bath Repositioning


Main objective of the engagement was to provide our Client with information concerning the recent and current health and wellness market trends globally and regionally, relevant existing and future supply and demand globally and regionally, the envisaged market position and detailed development concept plan, in addition to revenue and profit generating ability of the redeveloped property and detailed architectural programme for the proposed development.  Following a detailed location and property appraisal, we have researched the global and European health-spa and wellness (including thermal) economy, identified key health and wellness trends, both global and regional, and reviewed the domestic and international health and wellness tourism. We have also researched competitive properties in Europe and other leading international wellness establishments and developments worldwide to determine opportunities for differentiation and competitive advantage of the Property post redevelopment.  During the extensive market assessment, we have determined the existing and projected characteristics of the relevant health-spa and wellness markets.  Based on extensive tours of the Property and its environs, careful reviews of all existing architectural and structural plans, layouts, pictures and physical spaces of the existing property and on the basis of our knowledge and familiarity with similar products regionally and globally, the recent supply and demand dynamics, current and envisaged future market performance and additional key drivers of demand, we have prepared a development concept strategy for the property that responds to the demand of the future health and wellness travellers, and incorporates the latest advances in the health and wellness industry.  Following the development concept, we have prepared detailed demand and financial projections for the redeveloped property.  Following the establishment of the detailed development concept and repositioning strategy, and simultaneously to the preparation of our financial projections, we have reviewed the existing property from architecture and interior spaces point of view, and developed a comprehensive design brief and description of the re-programming of the Property, including a detailed architectural area programme and overall adjacency diagram. We have also established the look and feel recommendations of all key front of house and/or revenue generating areas of the property.

Scope of Work:

The owner of Hotel Gellért and the owner and operator of the landmark St. Gellért Thermal Bath are considering the complete redevelopment and repositioning of the St. Gellért Thermal Bath, having essential operational synergies with the adjacent Hotel Gellért, which is under a complete redevelopment. Based on the initial plans, the refurbished and repositioned St. Gellért Bath is going to become a leading thermal bath globally, positioned as a top class historic urban spa. Horwath HTL Hungary has been requested to prepare a detailed market and financial feasibility study to determine the economic viability of the proposed redevelopment. We have also been requested to prepare a development concept plan, based on property audit and the findings of an international market assessment. Based on the concept plan, we have also been requested to prepare an architectural programme for the proposed development.  Our work has been carried out in consortia of Horwath HTL Hungary and GOCO Hospitality-Horwath HTL Health & Wellness.

Status: Planning Phase

Hotel Portfolio Valuation


Horwath HTL Hungary was commissioned to value the 3-hotel portfolio of Zeina Hotels assessing the assets market value based on replacement cost, sales comparison and discounted cash flow approaches. We have also provided the bank with a mortgage value for each of the hotels. The valuation was carried out based on the RICS standards.

Scope of Work:

As part of the financing bank’s protocol, an annual valuation of the portfolio is required, for which Horwath HTL Hungary has provided market valuation services on multiple occasions.

Status: Project Completed in 2021-2022

Bansko Wellness Hotel


The requested due diligence and operations review included the following key outputs:

  • Diagnostics (putting the hotel into local and regional market perspective, analysing historic performance)
  • Competitive Position Assessment (detailed review of relevant competitors and comparison of key performance indicators)
  • Comments and Recommendations on Hotel Operations (including CAPEX recommendations, long and short-term strategic objectives operationally and conceptually as well)

As a result of the highlighted areas to be improved, the Client was able to fundamentally improve cost management, appoint the right talents for key positions and set achievable goals to increase revenues.

Scope of Work:

Client has requested Horwath HTL Hungary for the operations review of one of its 4-star hotels located in the ski resort of Bansko. The client required an analysis of the Hotel’s performance, including achieved ADR and Occupancy, operational costs and staff expenditure, benchmarked against the direct competition and the local market, along with recommendations on how to improve its overall performance.

Status: Project Completed in 2020