Cox & Kings owned Meininger Hotels will open a new hotel in Budapest located in the immediate vicinity of the city centre on Csarnok ter, next to the Great Market Hall. "The 184-room and 751-bed hotel is scheduled to open in spring 2018. The hotel, which will be newly constructed, will be operated by Meininger Hotels under a 20-year lease."

Meininger's investor partner in the development of its Budapest hotel is one of the most significant construction companies in Hungary, said Cox & Kings. According to the plan the construction work will begin before the end of 2015, it said.

"The new build hold with a gross floor area of 6.660 sqm will feature 184 rooms and 751 beds on seven floors; well-equipped with TV, free wifi and en-suite bathrooms all to a high specification. Due to the flexible room concept of Meininger the accommodation will range from classic double rooms and private multiple-bed rooms to a bed in a dormitory," Cox & Kings said.

Shares of the company gained Rs 10.15, or 4.91%, to trade at Rs 216.80. The total volume of shares traded was 118,266 at the BSE (3.46 p.m., Monday).