BGK's EUR 40 Million Financing Fuels Puro Hotel's Expansion into Budapest
Deal News | Nov 22, 2024 | CEE Legal Matters
Bank Gospodarstwa Krajowego (BGK), Poland's state development bank, has finalized a EUR 40 million financing agreement to support the development and long-term sustainability of a Puro Hotel in Budapest. This venture marks the first expansion of the Puro Hotel brand outside Poland, with operations planned to commence by mid-2026. The agreement is aimed at facilitating Puro's entry into the Hungarian hospitality sector. Schoenherr and Szabo, Kelemen & Partners Andersen acted as the legal advisors representing BGK and Puro Hotel, respectively, in this transaction. The Schoenherr legal team included prominent partners and attorneys from both its Polish and Hungarian offices, while Szabo, Kelemen & Partners Andersen provided advisory services to Puro Hotel.
Sectors
- Hospitality
- Banking and Finance
- Legal Advisory
Geography
- Poland – BGK, the state development bank providing financing, is based in Poland.
- Hungary – The Puro Hotel, subject to the financing agreement, is being developed in Budapest, Hungary.
Industry
- Hospitality – The article focuses on the expansion and development of a hotel, a core component of the hospitality industry.
- Banking and Finance – The article discusses a significant financing agreement facilitated by a development bank, highlighting the relevance to banking and finance.
- Legal Advisory – The involvement of legal advisors in the financing agreement marks the significance of the legal advisory industry.
Financials
- EUR 40 million – The amount provided by BGK for the financing of Puro Hotel in Budapest.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Bank Gospodarstwa Krajowego (BGK) | Financier | Government | BGK is Poland's state development bank, involved in providing EUR 40 million financing for the Puro Hotel in Budapest. |
| Puro Hotels | Target Company | Company | Puro Hotels is the entity expanding into Budapest with the hotel development financed by BGK. |
| Schoenherr | Legal Advisor to BGK | Company | A law firm advising BGK in the financing agreement. |
| Szabo, Kelemen & Partners Andersen | Legal Advisor to Puro Hotel | Company | A legal firm advising Puro Hotels in the financing agreement. |