Orbis to acquire two hotels in Hungary

Polish hospitality group, Orbis and its subsidiary, operating in Hungary - Accor-Pannonia Hotels Zrt., signed a preliminary purchase contract to acquire two hotels in Budapest from Flums Korlátolt Felelősségű Társaság, a press release read. Ibis Budapest Heroes Square (139 rooms) and Mercure Budapest City Center (227 rooms)  hotels are currently operated by Accor-Pannonia under lease agreements. The deal is worth €27.5 million, which translates to over PLN 117 million. The final sale agreement will be concluded after the fulfilment of the conditions provided in the preliminary agreement, including the positive result of due diligence regarding financial and legal status of the hotels, by March 31, 2016, the press release also informed.