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.
The American Starwood Capital Group, focusing on global real estates and energy-related investment, since its inception in 1991, has raised 42 billion dollars of equity capital and manages approximately 55 billion dollar of assets these days.
The Accor-Pannonia Hotels Ltd. that is the Hungarian subsidiary company of the Accor group has been on the market since 1993. It operates around 18 hotels in Hungary under the brand names of Sofitel, Novotel, Mercure and Ibis.
The Polish Orbis Hotel Group, present in Central and Eastern Europe and also in the Balkans, is the most significant hotel chain in the region which offers nearly 20 thousand rooms in almost 120 hotels. Its hotels operate under the brand names of Sofitel, Pullman, MGallery by Sofitel, Novotel, Mercure, ibis, ibis Styles and ibis budget.
Its strategic partner is the AccorHotels, the world-leading travel, lifestyle group and digital innovator, offering unique experiences in 4,200 hotels, resorts and residencies and 10,000 private homes around the world. The Orbis is the exclusive representative of all the brands of Accor in 16 countries of the region.
Featured image: sofitel.com