Treasury rumored to be selling stake in Orbis hotel chain

In the coming weeks, the Treasury Ministry will probably sell its 4.07% stake in Orbis, the country's dominant hotel chain - estimated at around zl. 32.6 million. Bank Gospodarki Zywnosciowej (BGZ) is also willing to sell its 2.17% stake in the company, valued at zl. 17.4 million. The buyer seems to be France's Accor, Orbis' strategic investor, which already owns 27.17% of the company. The total market share of Orbis is estimated at around 40% and it operates 56 hotels nationwide. "We are planning to expand by acquiring an additional 15 Ibis Hotels from Accor Polska," said Orbis head Maciej Grelowski. The price of the transaction was not revealed, however, as due diligence is still in progress. "We are carrying out our strategic plan. One of its elements is the change in name of Warsaw's Forum Hotel to Novotel Warszawa Centrum and its modernization - which will end in 2004," said Grelowski. (Prawo i Gospodarka, p.18; Parkiet, p.3; Puls Biznesu, p. 5) A.K.