Rac Baths now belong to company operating Budapest’s public spas

Renovation work will have to be carried out and the pace of this work will depend on the financial situation of the capital, though it is possible EU funds may be tapped for the purpose, according to the city’s deputy mayor Erzsebet Gy. Nemeth, who added that hopefully the baths would be opened no later than the end of next year.

She accused the former mayor, Istvan Tarlos, of preventing the newly renovated baths from being opened in 2010, saying this had been a “big mistake”.

In the meantime, the properties have fallen into disrepair and will have to be newly renovated, she said.

BGYH wants to start sprucing up the spa as soon as possible, while the fate of the hotel will be decided by the Metropolitan Assembly.

BGYH was the only bidder to purchase the baths and hotel, and it purchased the 3,333sqm baths and 2,070sqm 67-room hotel at the starting price of 5 billion forints (EUR 14m). BGYH purchased the baths at the end of May and the purchase agreement was signed in the first week of August.