Orbis sells hotel in Budapest for €75 mln

WSE-listed hotels operator Orbis sold its Sofitel Hotel in Budapest to Starwood for €75 million. As part of the agreement, the parties will conclude a management agreement under which the hotel will be managed by the Orbis subsidiary and will continue its operations under the Sofitel brand. The management agreement will be concluded for an initial period of 30 years.

“The purpose of this sales transaction is to optimize our hotel operations, including raising funds for further development and increasing return on invested capital,” Orbis said in a market filing.

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