Hotel operator Orbis Hotel Group has signed the sale agreement for Sofitel Budapest Chain Bridge with Starwood Capital Group for EUR 75 million and has established the management terms.
The luxury hotel in Budapest, which will undergo an expansion and renovation plan, will continue to operate under the Sofitel brand, an Orbis brand, within a long-term management agreement concluded for an initial period of 30 years.
“In accordance with Orbis Hotel Group’s portfolio strategy, the purpose of the sale and management transaction of Sofitel Budapest Chain Bridge is to obtain financing to continue development in the region and maximize the return on invested capital, strengthening our sustainable growth,” stated Gilles Clavie, President and CEO of Orbis Hotel Group.
Orbis owns over 120 hotels and is the sole licensor for all Accor brands in 16 countries: Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Macedonia, Moldova, Montenegro, Poland, Romania, Serbia, Slovakia and Slovenia. The group has a total of 20,000 rooms.
Source: Profit
Frequently Asked Questions
Who acquired the Sofitel Budapest Chain Bridge?
The hotel was acquired by Starwood Capital Group for a total of EUR 75 million.
Will the hotel still be managed by Orbis?
Yes, Orbis signed a long-term management agreement for an initial period of 30 years, and the hotel will keep the Sofitel brand.
What is the strategy behind this sale?
The transaction aims to provide funding for further regional development and to maximize the return on invested capital for Orbis Hotel Group.