Hotel group Accor said on Wednesday that it has raised its stake in Polish listed hotel developer Orbis to 50.01%. In a statement, the company said that investment is part of its strategy to focus on development in Central Europe. Accor has held a 45% stake in the company since August 2007. The investment value amounts to EUR 35 mln.
Hotel group Accor said on Wednesday that it has raised its stake in Polish listed hotel developer Orbis to 50.01%. In a statement, the company said that investment is part of its strategy to focus on development in Central Europe. Accor has held a 45% stake in the company since August 2007. The investment value amounts to EUR 35 mln.
Orbis is a leading Polish hotel group with 62 hotels in the country, of which 42 are branded as Sofitel, Novotel, Mercure, Ibis or Etap Hotel. The company had a turnover of EUR 307 mln and net profits of EUR 41 mln in 2007. Accor was advised by Societe Generale Corporate & Investment Banking.
