Hyatt Hotels affiliate has signed a management agreement with Városház Utca Projekt Ingatlanforgalmazó Kft for Hyatt Regency hotel in Budapest, Hungary.

This 231-room property, which would be the first Hyatt Regency hotel in Budapest, is slated to open in early 2020.

Hyatt Regency Budapest will be located in Postapalota building  which earlier served as postal office on Petőfi Sándor Street.

Located near Váci Street and just a five-minute walk away from  the Danube river, this hotel will  target business and leisure travelers.

Hyatt vice president for development in Eastern Europe, Russia & CIS Takuya Aoyama said: “The development of Hyatt Regency Budapest demonstrates Hyatt’s commitment to growing the Hyatt Regency brand footprint throughout Central and Eastern Europe.

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“We look forward to working with Városház Utca Projekt Ingatlanforgalmazó Kft and believe business and leisure travelers will find the Hyatt Regency Budapest to be intuitive and seamless throughout their stay in the city.”

Hyatt Regency Budapest will provide guest rooms, business facilities, and an over 4,000ft2 ballroom.

Among the additional amenities to feature include a spa, fitness facilities and an indoor swimming pool, bar and restaurant.

Városház Utca Projekt Ingatlanforgalmazó Kft owner Dr. Michael Hutter said: “We are delighted to bring this landmark building back to life.

“We believe the globally recognized Hyatt Regency brand will help further transform Petőfi Sándor Street to become a sought-after destination for shopping, dining and culture. It’s an honor for us to be part of this process and we believe the hotel will be a successfull development.”

Once opened, Hyatt Regency Budapest will add to Hyatt’s growing presence in Hungary and Central & Eastern Europe.