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Orbis unit acquires Hungary hotel for €42M

Orbis SA's unit, Accor-Pannonia Hotels Zrt., acquired the Sofitel Budapest Chain Bridge hotel in Hungary for approximately €42.3 million.

The company purchased the hotel via a 100% stake acquisition of the hotel's owner, Hungarian company HVB Leasing Maestoso Ingatlanhasznosító Korlátolt Felelosségu Társaság, from Universale International Realitäten GmbH. The deal is still subject to approval from the Hungarian Competition Authority.

Previously, Orbis said the acquisition will help the company optimize its hotel operations. It also gives the company the option to sell the property to give way to a management deal.