Orbis To Buy Two Hotels In Budapest
- 27 Nov 2015 8:00 AM
Orbis and its Hungarian unit Accor- Pannonia Hotels have signed a preliminary contract for the purchase of two hotels in Budapest for 27.5 million euros, the Polish news agency PAP reported citing an Orbis press release. The two hotels are already being run by the group under a lease agreement. The two hotels are part of the 46 hotels in the region the French Accor agreed to sell to the Polish company Orbis, which itself belongs to the Accor group, in January this year.
The transaction will involve Ibis Budapest Heroes Square (139 rooms) and Mercure Budapest City Center (227 rooms) hotels.
According to the company, the contract will be signed by March 31, 2016 if all the conditions envisaged in the preliminary contract are met, Orbis said.
“The deal is planned to optimize hotel operations conducted by Orbis and eliminate costs resulting from hotel lease deals,” Orbis added. A
ccording to its website, Orbis is the largest hotel group in Poland and Eastern Europe. It has more than 100 hotels and is the sole licensor of all AccorHotels brands in 16 countries in the region. Including the two hotels, Accor- Pannonia Hotels operates some 18 hotels in Hungary.
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