Quinlan launches €450m private venture with Hungarian property firm

QUINLAN Private has launched a €450 million joint venture with a Hungarian property company to develop 178 hectares (440 acres) of land in the eastern European country.

Quinlan said yesterday it has formed a 50-50 joint venture with SCD Group, one of the largest real estate companies in Hungary, to develop the land at Lake Balaton in the south west of the country.

Quinlan said it is planned 21 separate developers across 178 hectares of land around the lake in an investment valued at €450m.

Quinlan said the venture will focus on developing hotels, leisure parks and other tourism related and residential properties. The entire investment programme is expected to take seven years and will commence in 2008.

Thomas Dowd, a partner at Quinlan Private, said: “We are pleased to announce our joint venture agreement with SCD Group. QP has strong track record of delivering superior returns and we believe that this project will again deliver an attractive return.”

Quinlan Private is one of the largest owners of hotels in Europe. Earlier this year it bought the Jurys Inn chain of hotels for more than €1 billion from Jurys Doyle. And through its Maybourne brand operates some of London’s most luxurious hotels, including Claridge’s. It also operates 47 hotels under the Marriot brand.