Starwood Capital acquires Sofitel Budapest for EUR 75 mln

Hotels

Starwood Capital Group, a private investment firm headquartered in Greenwich, Connecticut, on Friday said it had acquired the Sofitel Budapest Chain Bridge Hotel from Orbis Hotel Group for EUR 75 million. The acquisition is subject to regulatory approval.

The Sofitel Budapest Chain Bridge Hotel. Photo by Sofitel.com

The 357-room hotel on the Danube will undergo an extensive renovation, state news wire MTI cited Starwood Capital as saying.

"With its irreplaceable location and strong cash flow, the hotel has attractive growth and significant repositioning potential," said Keith Evans, Starwood Capital Group VP for European Hotels.

Online news portal index. hu recalled that the hotel last changed hands as recently as this spring, when Accor, the majority owner of Orbis, exercised its option right to purchase the building. Orbis had until then been leasing the hotel from its previous owner, Universale International Realitäten GmbH.

Index.hu noted that Starwood Capital Group is active mostly on the global real estate market, as well as in energy infrastructure, oil and gas. The firm and its subsidiaries have 10 offices in four countries, employing a total of 3,400 people, and currently manages assets worth USD 54 billion.

ADVERTISEMENT

Almost half of Hungarians get fringe benefits, survey shows Analysis

Almost half of Hungarians get fringe benefits, survey shows

19,000 young jobseekers hired in expanded subsidy program Government

19,000 young jobseekers hired in expanded subsidy program

Manager screenings - not just for managers Interview

Manager screenings - not just for managers

Zsa Zsa Gabor's ashes buried in Budapest City

Zsa Zsa Gabor's ashes buried in Budapest

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.