Orbis Hotel Group signed a sale and management back deal for the Novotel Szeged hotel in Szeged, Hungary.
The sale price was not disclosed.
The 136-room hotel located on the banks of the Tisza river is being sold to Novoop Ingatlanüzemelteto Kft.
The property will continue to be managed by Orbis under the Novotel brand under a 15-year agreement, according to a release.
The buyer plans to gradually remodel the asset, which currently contains a restaurant, bar, parking spaces and a conference center that can accommodate up to 300 people.