Since winning the accolade of World’s Best Hotel 2017 from among the millions of reviews posted annually on the Tripadvisor website, Budapest’s Aria hotel has received a steady stream of visits from fellow hoteliers trying to figure out just what it has got right.
"We’ve seen quite a lot of them," says the general manager Zoltan Kecskemethy. "We are happy to do so and don’t have anything to hide."
A 49-room boutique property in the heart of this beautiful European capital city, Aria is designed around a musical theme with rooms dedicated to individual artists, from Beethoven to the Beatles, grouped into four wings: classical; jazz; opera; and contemporary.
Guests enter the hotel along a walkway that is a flight of piano keys leading up to a space-age grand piano designed for a Budapest exhibition held in 2015, the same year the hotel opened, and the keys continue upwards on to two curved TV-screens in a final design flourish.
It is all very theatrical but still rather small and cosy. That is how founder and co-owner Henry Kallan likes his hotels of which he has three in New York as well as the Prague Aria and Hotel X in Toronto. Daily free cheese and wine parties in the lobby from 4pm to 6pm are also popular.
Mr Kallan was born in the Czech borderlands of Hungary and emigrated to New York in 1968, working his way up from bellboy to hotelier, becoming a general manager at just 27.
"It’s all about personalised service and making guests happy," says Mr Kecskemethy, 29. "All our New York hotels are in the Top 10 on Tripadvisor and I think this is the key to our success."
So, think the highest New York service standards transplanted into central Europe - quick, efficient, friendly and always available.
Nonetheless, the hotel itself is an impressive building and cost more than US$50 million to build, or over $1m per room. Early in its construction the existing structure was found to be too weak to support the weight of the building so it all came down, and was rebuilt from scratch to match the original.
This was clearly an unexpected additional expense, but the architect then did not have to compromise on the interior space in the way that an older building would have required.
The basement spa, for example, is far more spacious than you would usually find in a boutique hotel and has high ceilings. There is a small swimming pool and jacuzzi.
And the use of glass walls in the treatment, infra-red and sauna rooms makes the subterranean spa far less claustrophobic than they often can be, albeit the two-treadmill gym might be regarded as insufficient by some guests.
Rooms themed to individual musicians really rock or soothe, depending on your choice of music. A Samsung TV placed in a fireplace greets guests on arrival with flickering flames and plays the music of the room’s artist on the in-room hifi system. This also follows into the oryx marble bathroom.
Otherwise, there is not much that is especially unusual about the five-star bedrooms apart from a few ecclectic light fittings and splashes of strong colour, both typical of modern Hungarian designers.
It is all personalised, however. The mini-bar is filled to guests' specification without annoying autocharging. Room service is available but hardly used, according to Mr Kecskemethy.
Water or soft drinks are only €3 (Dh13) and a club sandwich and fries €7.70. The hotel staff can clean and press a shirt in an hour for €6.50. Free high-speed Wi-Fi clocks up 10mbps.
There are two PCs with printers at the back of the hotel music director’s library of CDs and DVDs, together with complimentary coffee and tea, fresh fruit and water.
Three meeting rooms are available for €1,500: Teatro, a mini-theatre, seats 70, the Pavilion 65 and the Library 35. If this might seem an unlikely business hotel that is far from the truth.
For entertaining in style there is the SkyBar for drinks and snacks with superlative views over roof-tops of Budapest and its landmarks. But I was surprised by the lack of a signature restaurant, although it is surrounded by excellent fine dining establishments
And I suppose it is Budapest’s status as a rising star destination that is the final secret to this hotel’s success. Overall visitor numbers to the city are up 12.5 per cent this year, though only 3.4 per cent in the five-star segment due to a lack of capacity.
Middle East guests appear to like the Aria, and so far in 2017 a total of 973 have stayed and it looks likely to comfortably exceed the 1,387 of last year. Rooms prices from €247 are also very reasonable for a luxury boutique hotel.
But the hotel has that special star quality that you have to experience yourself to understand. And who knows, you might bump into Kylie Minogue at the reception. The Australian pop star stayed at the Aria incognito recently.
KILLING OF QASSEM SULEIMANI
Company name: Farmin
Date started: March 2019
Founder: Dr Ali Al Hammadi
Based: Abu Dhabi
Sector: AgriTech
Initial investment: None to date
Partners/Incubators: UAE Space Agency/Krypto Labs
More coverage from the Future Forum
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
More from Neighbourhood Watch:
ONCE UPON A TIME IN GAZA
Starring: Nader Abd Alhay, Majd Eid, Ramzi Maqdisi
Directors: Tarzan and Arab Nasser
Rating: 4.5/5
Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Cargoz%3Cbr%3E%3Cstrong%3EDate%20started%3A%3C%2Fstrong%3E%20January%202022%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Premlal%20Pullisserry%20and%20Lijo%20Antony%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2030%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Seed%3C%2Fp%3E%0A
if you go
The flights
Etihad, Emirates and Singapore Airlines fly direct from the UAE to Singapore from Dh2,265 return including taxes. The flight takes about 7 hours.
The hotel
Rooms at the M Social Singapore cost from SG $179 (Dh488) per night including taxes.
The tour
Makan Makan Walking group tours costs from SG $90 (Dh245) per person for about three hours. Tailor-made tours can be arranged. For details go to www.woknstroll.com.sg
The lowdown
Badla
Rating: 2.5/5
Produced by: Red Chillies, Azure Entertainment
Director: Sujoy Ghosh
Cast: Amitabh Bachchan, Taapsee Pannu, Amrita Singh, Tony Luke
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
Company%20profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Fasset%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2019%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Mohammad%20Raafi%20Hossain%2C%20Daniel%20Ahmed%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%3C%2Fstrong%3E%20%242.45%20million%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2086%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Pre-series%20B%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Investcorp%2C%20Liberty%20City%20Ventures%2C%20Fatima%20Gobi%20Ventures%2C%20Primal%20Capital%2C%20Wealthwell%20Ventures%2C%20FHS%20Capital%2C%20VN2%20Capital%2C%20local%20family%20offices%3C%2Fp%3E%0A
PREMIER LEAGUE FIXTURES
Saturday (UAE kick-off times)
Watford v Leicester City (3.30pm)
Brighton v Arsenal (6pm)
West Ham v Wolves (8.30pm)
Bournemouth v Crystal Palace (10.45pm)
Sunday
Newcastle United v Sheffield United (5pm)
Aston Villa v Chelsea (7.15pm)
Everton v Liverpool (10pm)
Monday
Manchester City v Burnley (11pm)
Scoreline
Australia 2-1 Thailand
Australia: Juric 69', Leckie 86'
Thailand: Pokklaw 82'
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
Mohammed bin Zayed Majlis
Zayed Sustainability Prize
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20Z%20FLIP%204
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House-hunting
Top 10 locations for inquiries from US house hunters, according to Rightmove
- Edinburgh, Scotland
- Westminster, London
- Camden, London
- Glasgow, Scotland
- Islington, London
- Kensington and Chelsea, London
- Highlands, Scotland
- Argyll and Bute, Scotland
- Fife, Scotland
- Tower Hamlets, London