Starwood Capital to acquire Accor’s landmark hotel in Budapest
Budapest, Hungary – 26 November 2017 –
Starwood Capital Group entered, through a controlled affiliate, into the sale and management back transaction to acquire the Sofitel Budapest Chain Bridge Hotel from Orbis Hotel Group, the leading hotel operator in Eastern Europe.
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 transaction unlocks an attractive partnership with Accor and Orbis in the rapidly developing CEE region. 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.