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
The professional travel advisor’s job is to equip the traveler with the necessary information to enable a good decision that will reflect that person’s own risk tolerance.
 
Paul Ruden
Daily Top List

Most Powerful Passports in the World

1. United Arab Emirates

2. Singapore

3. Germany

4. Denmark

5. Sweden

Source: Passport Index

TMR Recommendations
Top Stories
Worldview Tours Suddenly Ceases Operations
Worldview Tours Suddenly Ceases Operations

After 40 years of doing business on the up-and-up, it was a shock to those who had worked with the company to see it go under.

What to Know About Navigating Marriott’s Massive Data Breach
What to Know About Navigating Marriott’s Massive Data Breach

Facing extensive costs as a result of the breach, Marriott is offering to pay for customers’ new passports and annual identity monitoring subscriptions.

Anchorage Assesses Damage After Powerful Quake
Anchorage Assesses Damage After Powerful Quake

The scenic Glenn Highway was the hardest hit during the 7.0 magnitude earthquake on Friday.

Marriott: 500 Million Starwood Guests Could Be Affected in Data Hack
Marriott: 500 Million Starwood Guests Could Be Affected in Data Hack

The Starwood guest reservation database was breached at brands including W Hotels, Sheraton and Westin.

St. Regis Opens First Canadian Hotel as New Toronto Location Debuts
St. Regis Opens First Canadian Hotel as New Toronto Location Debuts

Along with its luxurious accommodations and amenities, the five-star hotel offers its guests the hotelier’s hallmark butler service and its evening champagne sabering ritual.

USTOA Conference Celebrates Transformative Travel
USTOA Conference Celebrates Transformative Travel

The organization’s chairman talked about how travel is an important way to unite people, across cultures and borders, to create meaningful connections and to spark mutual understanding.

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