AccorInvest closes €1.06bn acquisition of Polish hotel group Orbis

AccorInvest closes €1.06bn acquisition of Polish hotel group Orbis
photo:Courtesy of AccorInvest

AccorInvest has announced the closing of the acquisition of the Polish hotel group Orbis on 11 March. At the end of 2019, AccorInvest had announced the acquisition of 85.8% of the Orbis Group shares held by Accor.

Following the public tender offer launched by AccorInvest on 5 February, the Group now holds 98.6% of Orbis Group shares. AccorInvest owns and operates a portfolio of over 850 owned and leased hotels, located in 25 countries in Europe, Latin America and Asia. 

READ ALSO : Accor to sell 85.8% stake in Orbis to AccorInvest for €1.06bn

The Polish group Orbis operates in six Eastern European countries (Poland, Hungary, the Czech Republic, Slovenia, Romania and Lithuania) and owns 73 hotels, including 4 luxury, 34 midscale and 35 economy hotels, under the Sofitel, Ibis, Novotel and Mercure brands. As a result of this acquisition, AccorInvest’s portfolio now includes more than 900 hotels and 135,000 rooms, the majority of which are located in European capitals.

“We are delighted to welcome the Orbis Group. Its expertise in the real estate and hotel sectors, consistent with our ambition to expand into the economy and midscale segments in Europe, is fully in line with our strategy. This acquisition consolidates our territorial and range network, and I am convinced that this collaboration will be a success for both Orbis and AccorInvest.” said John Ozinga, Chief Executive Officer of AccorInvest.

“Over the past years, Orbis has carried out a major shift and performed a huge transformation. In 2019, we wrote a new page in the Group’s history becoming a pure hotel investor and operator in Eastern Europe region. Having the new investor, who notably understands and supports Orbis’ strategy is a new step in the company further development. Both AccorInvest & Orbis will now write a common story, which starts today”, announced Gilles Clavie, Chairman and CEO of Orbis SA.

By including Orbis Group hotels in the company’s portfolio, AccorInvest confirms its position as the leading hotel operator in Europe, with a portfolio that is 90% European-based in the economy and midscale segments. In time, AccorInvest intends to acquire all Orbis shares.