Thursday, October 1, 2020
Home News Investment Market Accor buys Sofitel Budapest Chain Bridge

Accor buys Sofitel Budapest Chain Bridge

Accor, the majority shareholder of Orbis, exercised its buy-out option right over the Sofitel Budapest Chain Bridge hotel, located in Budapest, with a buy-out date of 31 May 2017. The value of the transaction has been estimated at €44 million.

The option right will be exercised by Orbis subsidiary Accor-Pannonia Hotels Zrt., which currently operates the hotel under a lease agreement. The sellers are HVB Leasing Maestoso Ingatlanhasznosíto Kft. and Universale International Realitäten GmbH.

The purchase is aimed at eliminating the costs associated with the leasing of the hotel and obtaining potential possibility of future sale of the hotel under the management back sale transaction, which will be subject to further financial and operational analysis, Orbis revealed.

The five-star Sofitel Budapest Chain Bridge offers 357 rooms, two restaurants and bars, 17 meeting rooms, a ballroom and a spa.

Most Popular

7R City Flex high-bay warehouse under construction in Wrocław, Poland

In the first half of the year, Poland ranked second in Europe for net-leased warehouse space. Demand for warehouses is steady and...

Scallier’s retail parks in Romania to be certified under BREEAM

Polish company Scallier, which is developing a chain of retail parks in Romania under the brand name Funshop Park, has decided to...

Madison buys into Cavatina’s office project in Warsaw

Madison International Realty has acquired a stake in the newly developed Chmielna 89 office building in Warsaw’s CBD from the Cavatina Group....

Galeria Andrychów draws tenant interest

The commercialization of Galeria Andrychów - the second joint project of Acteeum and Equilis in Poland - has gained momentum despite the...