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BridgeStreet Worldwide Announces Eastern Europe Expansion |
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| Thursday, June 26, 2008 |
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| Company Awarded Exclusive Management of New Serviced Apartments in Budapest |
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LONDON - BridgeStreet Worldwide today announced it has been awarded a 15-year management agreement by Real Returns for its property in Budapest, Hungary. As a leading international provider of serviced apartments, BridgeStreet manages a global portfolio of over £300 million in real estate assets and it is quickly expanding its accommodation selection throughout Europe, Middle East and Africa (EMEA).
"We are excited about our expansion into Eastern Europe," said Lee Curtis, president and chief executive officer of BridgeStreet Worldwide. "Budapest is an obvious gateway city into the region, with a high level of business and leisure travellers seeking an alternative to traditional accommodations. Although a relatively new product in Budapest,serviced apartments have outperformed the general hotel market in terms of ADR and occupancy. We see this development project as a great first step into Eastern Europe."
Set to open in late 2009, the property will feature a newly constructed interior behind the original façade, preserving the historic architecture of the area while offering today's business and leisure travellers a modern living experience. The building comprises 50 one- and two-bedroom apartments with stunning design, contemporary amenities and underground car parking.
"BridgeStreet was our first choice to operate this property," said Johnny Wilkinson, managing director of Real Returns. "Their reputation for bringing to market and managing premium serviced apartments is second to none. We are confident about increasing asset value through BridgeStreet's efficient yield management and global sales strategy."
"We are extremely pleased to have entered into this partnership with Real Returns," said Max Thorne, BridgeStreet Worldwide's vice president of development EMEA. "Together we have created a model which we hope to roll out across several other key Eastern European towns."
BridgeStreet Worldwide is a leading international provider of serviced apartments. BridgeStreet and its Global Alliance Partners offer over 15,000 serviced apartments located throughout the United States and 50 cities internationally. An award winner both in the U.S. and Europe, BridgeStreet properties meet uncompromising standards of quality, comfort and service. For more information about the company or to learn more about how BridgeStreet is Making Serviced Apartments Easy, visit www.bridgestreet.co.uk or call +44 (0) 20 7792 2222.
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