New Delhi: Tours and travel firm Cox & Kings owned Meininger Hotels will open a hotel in Budapest, Hungary by spring of 2018.
"The hotel which will be newly constructed will be operated by Meininger Hotels under a 20-year lease," Cox & Kings said in a filing to BSE.
The construction of the 184 room and 751 bed hotel will begin before the end of 2015, it added.
Commenting on the development, Cox& Kings Director Peter Kerkar said: "With the signing of this agreement we are entering a new and important market."
Meininger currently operates 16 hotels with a total of 7,025 beds in 10 European cities.
Shares of Cox & Kings were today trading at Rs 216.90 per scrip in the afternoon trade on the BSE, up 4.96 per cent from its previous close.