Accorhotels is planning to complete a buyout of Polish hotel group Orbis, as it continues its recent acquisition spree.
The French company already owns around 53 per cent of Orbis, and has made an offer to buy out the remaining 47.31 per cent, with the bid valued at around €442 million.
Warsaw-based Orbis is the largest hotel operator in Central and Eastern Europe with 128 hotels across 16 countries, and is the exclusive master franchisee of Accorhotels brands Sofitel, Pullman, MGallery, Novotel, Mercure, Ibis, Ibis Styles and Ibis Budget in the region.
The group said the transaction would allow it to “consolidate its leadership in Central Europe and improve optionality on Orbis’ asset portfolio management, including replication of the active asset management strategy implemented by Accorhotels for several years”.
Commenting on the news Sebastien Bazin, Chairman and CEO of Accorhotels said:
“Accorhotels and Orbis have built a long-term partnership since their first business agreement 45 years ago. As its largest shareholder since 2000, Accorhotels has fully supported Orbis’ growth in Poland, then across Central Europe since 2014, where Orbis has become today a formidable leader.
“The proposed transaction will enable Accorhotels to accelerate its development in the region. In addition, it will enable Accorhotels to further implement its active asset management policy.”
This year alone Accorhotels has announced plans to buy 21c Museum Hotels, take a 50 per cent stake in SBE Entertainment Group, acquire Chilean hotel chain Atton Hoteles, and purchase Swiss hotel group Movenpick.