AccorInvest becomes a new Orbis strategic investor
AccorInvest now owns 98.6% of hotel investor and operator Orbis SA after acquiring shares by the way of a public tender offer, according to a press release sent to the Budapest Business Journal.
Jo&Joe Paris Gentilly
AccorInvest already announced its intention to acquire up to 100% of Orbis SA shares last December.
"We are thrilled to integrate Orbis which has a great portfolio of assets, a long-time expertise in real estate and lodging sectors across key markets and great teams to run the business on a daily basis," says John Ozinga, CEO of Accorinvest. "Thanks to the Orbis integration, AccorInvest portfolio now comprises more than 900 hotels and 135,000 rooms, for a total revenue in excess of EUR 4 billion."
"It allows us to expand our European geographical footprint in very dynamic markets and also to strengthen our portfolio in the economic and mid-range segments. I am convinced that this integration will be a success and deliver huge potential," he adds.
The transaction follows AccorInvestʼs acquisition of Orbis SAʼs hotel management and franchise business last October. Orbis SA has some 73 hotels in six countries.
Gilles Clavie, president and CEO of Orbis SA says, "Over the past years, Orbis has carried out a major shift and performed a huge transformation. In 2019, we wrote a new page in the Groupʼs history becoming a pure hotel investor and operator in Eastern Europe region. Having the new investor, who notably understands and supports Orbis’ strategy is a new step in the companyʼs further development. Both AccorInvest & Orbis will now write a common story, which starts today."
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.