AccorInvest, the hotel ownership division of French hospitality giant AccorHotels, has completed the acquisition of CEE hotel property landlord Orbis for a total of €1 bn.
Following a public tender offer launched last month, AccorInvest said that it has taken over a further 85.8% stake in Orbis, lifting its interest to 98.6%.
Orbis, listed in Warsaw, has a total of 73 hotels, 63 owned and 10 leased (more than 14,000 rooms in total), in six countries: Czech Republic, Lithuania, Poland, Romania, Slovakia and Hungary.
Orbis had already sold the management operations of its hotels to AccorInvest last year for a total of €286 mln.
AccorInvest is both owner and operator of a property portfolio of more than 850 hotels, owned and leased, located in 26 countries of Europe, Latin America and Asia.
’We are delighted to welcome the Orbis Group. Its expertise in the real estate and hotel sectors, consistent with our ambition to expand into the economy and midscale segments in Europe, is fully in line with our strategy. This acquisition consolidates our territorial and range network, and I am convinced that this collaboration will be a success for both Orbis and AccorInvest,’ said John Ozinga, Chief Executive Officer of AccorInvest.
‘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 Group’s 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 company further development. Both AccorInvest & Orbis will now write a common story, which starts today,’ announced Gilles Clavie, Chairman and CEO of Orbis SA.