Gresham Palace Budapest by Grand Hotels of the World.com

Information

Accommodation:
• There are 162 rooms and 17 suites.
Facilities:
• Gresham Kavehaz restaurant and bar.
• Some meeting and conference rooms, a Four Seasons spa, a fitness center and a small pool.
Location:
• This Hotel is located on the Danube river facing the Hungarian Parliament and the hills of Buda.

History
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History

Gresham Insurance Background
• 1519: Birth of Sir Thomas Gresham, a british financier to Queen Elizabeth I.
• 1848: Foundation in London of the Gresham Insurance company named after Sir Thomas Gresham.

Nako House in Budapest
• 1827: Antal Deron, a Hungarian wholesale merchant comissions the architect Jozsef Hild to build the Nako House, a neo-classic palace.

Gresham Insurance Era
• 1880: Acquisition of the Property by the British Life Insurance Company Gresham.
• 1903: Decision taken to settle the foreign headquarters of Gresham Insurance on the site.

• 1904: The Hungarian architect Zsigmond Quittner designs the future Gresham palace.
• 1905: Nako House is demolished and the new Greshma Palace erected.
• 1907: Opening of the Greshame Palace as a prestigeous life insurance company building.

• 1945: After World War II Soviet Soldiers reside in the palace.
• 1948: Nationalization of the building by the Hungarian Communist Government. The palatial apartments gets subdivided into smaller flats. Gresham Cafe remains open.
• 1976: The Palace gets listed as a protected monument.
• 1990: Change of political system in Hungary, the Government transferred ownership of Gresham Palace to the District V Council.
• 1991: Announcement of a Hotel deal with the Oberoi Hotel chain, but legal issues with the remaining 38 tenants of the building arised.
• 1995: Oberoi Hotels lost patiance and withdraw from the project.

Four Seasons Era
• 1999: Disctict V Council, the Hotel Chain Four Seasons Hotels and Resorts and Gresco Investments Ltd signed a development agreement to restore the building to its former glory.
• 1999: CNN report on the project:

• 2001: Acquisition of the property by Quinlan Private (later Avestus), an Irish Investment company.
• 2004: Opening of the Gresham Palace as a Palace Hotel under the management of Four Seasons Hotels & Resorts.
• 2011: November Oman State General Reserve Fund buys the property from Avestus (formerly Quinlan Private) for 75 million Euros. The Hotel remains under Four Seasons management.

Article by « Grand Hotels of the World & VB.com », written from « Cremerie de Paris ».

Begining

Gresham Palace in Budapest