Orbis Hotel Group, the leading hotel operator in Eastern Europe, has closed on the disposition of the Sofitel Budapest Chain Bridge Hotel in a €75 million ($88.5 million) transaction to the Starwood Capital Group. The firms entered, through a controlled affiliate, into a sale and management back transaction to acquire the property. The 357-room landmark hotel will undergo an extensive restoration and renovation plan equipping the hotel with the modern luxury design of the Sofitel brand. The sale will be completed once it has been approved by the European Union Merger Control Office.
“We are delighted to be acquiring this iconic European hotel in this high demand hospitality market, while partnering with Accor and Orbis on this transaction,” said Keith Evans, Vice President, European Hotels at Starwood Capital Group. “With its irreplaceable location and strong cash flow, the hotel has attractive growth and significant repositioning potential. We look forward to investing in this property and leveraging Starwood Capital Group’s hospitality expertise to help drive future growth together with our partners at Accor and Orbis.”
