The view of the Chain Bridge and Hungary’s Parliament from the Buda side. Budapest was a destination for tourists even during the communist era.
Photographer: Akos Stiller/BloombergAs Orban Builds Power, His Son-in-Law Builds a Hotel Empire
Istvan Tiborcz has emerged as Hungary’s most prominent investor in the tourism industry, including some iconic Budapest establishments.
Viktor Orban’s refurbished 18th-century headquarters in Budapest’s Castle district are a potent symbol of a prime minister who has turned his country into his political fiefdom. Yet across the city, a different kind of empire is being built.
Orban’s son-in-law, Istvan Tiborcz, has emerged as the country’s most prominent investor in the tourism industry, including half a dozen hotels in Budapest either finished or under reconstruction. His holding company’s assets have ballooned to at least 65 billion forint ($180 million) over the past eight years, according to the latest published records.