Polish Orbis to buy two hotels in Budapest

Hotels

orbis website

Polish Orbis and its Hungarian unit Accor-Pannonia Hotels reportedly signed a preliminary contract for the purchase of two hotels in Budapest for €27.5 million, Hungarian news agency MTI reported today, citing Polish news agency PAP.

The headquarters of Orbis. (Photo: Orbis)

The two hotels are already being run by the group under a lease agreement, PAP reported citing an Orbis press release.

The two Budapest hotels, “Ibis Budapest Heroes Square” with 139 rooms and “Mercure Budapest City Center” with 227 rooms, are part of the 46 hotels in the region which the French Accor agreed to sell to the Polish company Orbis, which itself belongs to the Accor group, in January of this year, MTI said.

The contract is expected to be signed by March 31, if all the conditions outlined in the preliminary agreement are met, Orbis reportedly said. “The deal is planned to optimize hotel operations conducted by Orbis and eliminate costs resulting from hotel lease deals,” Orbis added.

Orbis is the largest hotel group in Poland and Eastern Europe, comprising more than 100 hotels, and is the sole licensor of all AccorHotels brands in 16 countries including Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Macedonia, Moldova, Montenegro, Poland, Romania, Serbia, Slovakia and Slovenia. It offers a total of almost 19,000 rooms, the company’s website says.

Including the two hotels, Accor-Pannonia Hotels operates some 18 hotels in Hungary, MTI said.

Hungary Account Deficit at EUR 561 mln in Q4 Debt

Hungary Account Deficit at EUR 561 mln in Q4

Moldovan Pensions to be Increased as of April 1 World

Moldovan Pensions to be Increased as of April 1

Schoenherr Names Miklós Klenanc as Head of Local M&A Practic... Appointments

Schoenherr Names Miklós Klenanc as Head of Local M&A Practic...

Hungarian Wine Marketing Agency to Host Summit Drinks

Hungarian Wine Marketing Agency to Host Summit

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.