Through the purchase, the French hoteli...
AccorHotels has announced it plans to buy the rest of Polish hotel group, Orbis, for 1.9bn zlotys (USD$$501mn).
Through the purchase, the French hotelier aims to strengthen its presence in the Central European market. .
Established in 2910, Orbis is now the largest hotel operator in Central and Eastern Europe with a a portfolio of 128 hotels spanning 16 countries.
The firm already owns a majority stake of Orbis, and said it plans to make a cash tender offer to buy the remaining 47.31% outstanding stake id doesn't already own.
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Sebastien Bazin, chairman and CEO of AccorHotels said the acquisition of Orbis will “enable accelerated development of Accor Hotels in the region” and that it will also enable the firm to further implement its active asset management policy.
Bazin added: “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."
Additionally, Accor Hotels also confirmed its target to double its EBITDA to EU€1.2bn (USD$1.35bn) by 2022.
The hotelier said it will achieve this by integrating and ramping up its recent acquisitions, achieving solid revenue growth and improving its operating margin, for instance.