Starwood Acquires Sofitel Budapest Chain Bridge Property

by Maria Lisella
Starwood Acquires Sofitel Budapest Chain Bridge Property

Interior of Hotel Sofitel Budapest CHain Bridge. Photo: T photography.Shutterstock.com


Starwood Capital Group, a leading global private investment firm, announced today that it has entered into the sale and management back transaction to acquire the Sofitel Budapest Chain Bridge Hotel from Orbis Hotel Group, the Poland-based hotel operator in Eastern Europe.

The transaction unlocks an attractive partnership with Accor and Orbis in the rapidly developing Central and Eastern Europe region.

Sofitel Budapest is a landmark hotel with 357 rooms located at an iconic address in the heart of the city. The hotel enjoys spectacular views of the famous Chain Bridge, historical monuments and the Danube River. The hotel is being acquired for €75 million, subject to the approval of the European Union Merger Control Office. The hotel will undergo an extensive restoration and renovation plan equipping the hotel with the modern luxury design of the Sofitel brand.

The Orbis Hotel Group is the largest network of hotels in Poland and in Eastern Europe ranging from luxury 5-star to budget 1-star hotels. Orbis comprises 120 hotels and is the sole licensor of AccorHotels brands (including Adagio – the no. 1 aparthotel brand in Europe) in 16 countries.

According to various accounts, Budapest is the fastest growing urban hotel market across Europe in 2018, which benefits from a balanced mix of international leisure and corporate demand. The city has become a sought after European tourist destination, as well as an attractive cross-border real estate investment market.

  0
  0
Tip of the Day
Daily Top List

Best Travel Destinations Within 5 Hours of NY

1. Bermuda

2. Iceland

3. Miami

4. Austin

5. Tulum

Source: Business Insider

TMR THIS WEEK
http://services.travelsavers.com/AMGService.svc/REST/GetImage?ImageID=dd7f092d-7dff-e711-80eb-782bcb667b27

What's Their 'Why'? Connect Your Clients to Their Passion for Travel

The unique reasons that inspire people to travel are the foundation of travel fulfillment, and more sales for travel agents.

TMR Recommendations
Top Stories
Hilton Introduces Micro-Hotel Brand, Motto
Hilton Introduces Micro-Hotel Brand, Motto

Aimed at attracting budget-conscious travelers, the new brand will offer lodging that is centrally located, reasonably priced, and less traditional.

Hurricane Willa Intensifies as it Barrels Towards Mexico’s Western Coast
Hurricane Willa Intensifies as it Barrels Towards Mexico’s Western Coast

The area between Mazatlan and Puerto Vallarta is on high alert as forecasters warn that the hurricane has become an “extremely dangerous” Category 4 storm.

African Travel Boosts Experiential Elements for 2019
African Travel Boosts Experiential Elements for 2019

A veteran African tour operator rolls out new and enhanced itineraries with once-in-a-lifetime experiences to capture the immersive travel wave.

Are These Cities on Your Fall Destinations List?
Are These Cities on Your Fall Destinations List?

In a report from the field, here are six locations that are filled with ‘fallish’ activities to delight travelers.

G Adventures Introduces Collection of Wellness-Focused Tours
G Adventures Introduces Collection of Wellness-Focused Tours

From yoga and healthy food choices to healing sessions and immersive activities, the wellness itineraries provide nurturing experiences for travelers.

Walt Disney World’s Date-Based Pricing Goes into Effect
Walt Disney World’s Date-Based Pricing Goes into Effect

Disney said, depending on the day and length of the ticket, prices have increased, decreased, or stayed the same. 

News Briefs
TMR Report Cards
Advertiser's Voice
Advertiser's Voice: Tauck