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.
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."