The development of Dreamland Holding Zrt., a colonial-style, five-star family hotel majority-owned by Appeninn Nyrt., is progressing according to plan. Development work on the BalaLand family hotel in Szántód has continued despite the slowdown in the construction industry in recent months, and civil engineering work could be completed by the end of the summer. At the same time, construction of the theme park "80 Days Around the World with Willy Fog", which will be part of the 5.5-hectare development and will feature themed play elements, will also start at the end of the summer. Another important milestone is that, in line with the business plan, the project company, Szántód Balaland Family Ingatlanfejlesztő Korlátolt Felelősségű Társaság, an indirectly owned subsidiary of Appeninn Nyrt., has signed a loan agreement with the International Investment Bank for a total amount of HUF 9.8 billion, thus securing the bank loan required for the development works.

The development of the BalaLand family adventure hotel in Szántód, which was acquired by Appeninn Nyrt. in June this year - along with two other rural tourism real estate development projects - is progressing well, after the real estate company acquired Dreamland Holding Zrt. from Szepard Kft., acting as trustee for the Szepesi family.

The development of the 109-room, five-star, colonial-style family hotel started with design work in 2017, and this spring the project entered the implementation phase and civil engineering works began. Although the global epidemic situation this spring has led to a slowdown in the construction industry, the exceptional conditions have not caused any disruption in the development of BalaLand. As a result, civil engineering works are scheduled to be completed by the end of the summer.

The developer's aim is to make BalaLand one of the most prominent family-friendly hotels in the Balaton region, and to create a high-quality, year-round, high occupancy hotel with the planned theme park. The hotel, which is planned to be operational from 2022, will not only contribute to the region's quality accommodation offer, but will also directly create more than 100 new jobs in the area and contribute to the development of the Balaton region through significant tax revenues.

In parallel with the hotel development, construction of the BalaLand Family Park will start this autumn, which will be based on the unique "80 days around the world with Willy Fog" journey and will feature themed play elements. The park, which will include an indoor playhouse and a family fun pool, as well as various outdoor adventure elements, will be a niche investment in Hungary and will become a high-quality, child-friendly attraction that will be accessible to families all year round, extending the short summer season.

Investment costs are covered partly by self-financing, partly by grants and partly by bank loans. In the latter case, the project company, indirectly owned by Appeninn Plc, has signed a loan agreement with the International Investment Bank for approximately HUF 9.8 billion, thus securing the bank loan needed for the development works.

The BalaLand hotel and theme park, which Appeninn Nyrt. will be able to realise with a co-investor with unique expertise in the Hungarian hotel market, could become one of the leading family accommodation facilities in the Balaton region within a few years, which will not only strengthen the company's position in the tourism real estate market, but will also greatly support the quality accommodation offer of the region.