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The magnificent Sofitel hotel in the vicinity of the Chain Bridge is to be renovated
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Turizmusonline.hu reports that the European Commission authorised the mutual governance of the Sofitel Budapest Chain Bridge Hotel by Starwood Capital Group and Accor-Pannonia.
As the European Commission reveals, after the procedure of the competition authority had ended, they all agreed upon that the proposed mutual governance of the hotel causes no concern as far as the competition law is concerned since it has only a limited effect upon the structure of the hotel in question.
The purchase contract of the Sofitel Budapest Chain Bridge was signed by both parties, the seller, the Orbis Hotel Group, and the buyer, the Starwood Capital Group last November.
The sale price of the magnificent hotel in the vicinity of the Chain Bridge is approximately 75 million euros, that is around 23 billion forints. Based on the management contract agreed upon lasting for 30 years, the hotel in question is still operated by the Orbis Hotel Group, but the new proprietor intends to create new luxurious spaces, typical of the Sofitel brand, by renovating the hotel.
