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Orco Group buys hotel in Poland

Orco Property Group SA, a real estate company that operates in central and eastern Europe, bought a four-star hotel in Poland and plans to develop its facilities. Parkhotel Vienna, located in the Polish mountains, was bought for an undisclosed price, the developer, which is based in Luxembourg, said in a statement yesterday. „We now plan to build a wellness center at the hotel to compliment the neighboring ski and golfing facilities,” Daniel Penet, director of sales and marketing for MaMaison Hotels & Apartments, an Orco brand, said in the statement. Orco, with properties in the Czech Republic, Germany, Budapest, Moscow and Warsaw, has focused on central and eastern Europe since it entered the region in 1991 to benefit from property prices after the fall of communism. The company's shares rose 2.2% to close at 2,852 koruna in Prague yesterday. (Bloomberg)