PARIS, June 25 Accor today announced the sale of the hotels it owns in Poland to Polish hotel and tourism group Orbis, of which it is the principal shareholder with nearly a 30% interest. The transaction, which amounts to a total euro 92 million, has been unanimously approved by the Orbis Supervisory Board.
The 11 hotels (1,677 rooms) include:
-- 8 Ibis units, six each in Lodz, Poznan, Zabrze, Czestochowa, Krakow and
Szczecin, and two in Warsaw (the Centrum and the Ostrobramska).
-- 3 Novotels, two in Krakow and Szczecin and one in Vilnius, Lithuania
(scheduled to open in 2004).
These hotels will be operated by Orbis under an Accor brand franchise contract. In addition, Orbis will manage the Frederick Chopin Mercure hotel in Warsaw under a management contract.
Accor has also sold Orbis the rights to manage Accor brand hotels in the Baltic countries for eight years.
The transaction is part of the partnership formed between the two companies in July 2000, when Accor acquired 20% of Orbis' capital from the Polish State. At the time, Accor agreed to combine within Orbis its existing hotels and units then under development. Since then, it has increased its stake in Orbis to 30%.
Even before integrating these hotels, Orbis is already the Polish market leader with 55 hotels (10,000 rooms) in the three to five-star categories, located in the country's 25 largest cities and seaside resorts, such as Warsaw, Krakow, Poznan, Gdansk, Sopot and Gdynia. Enjoying premium city-center locations, these hotels are being renovated and gradually integrated into the network of Accor brands. Already, 19 hotels have joined the Sofitel, Mercure and Novotel brands, with 29 properties scheduled to join by the end of 2004.
Orbis is also active in travel agencies and casinos. Sales total euro 204 million, of which euro 152 million from the hotel business.
With this strengthening of its partnership with Accor, Orbis has increased its portfolio to 67 hotels and taken a key position in the two-star economic hotel market, which is expected to experience encouraging growth in coming years.
The transaction is subject to approval by Polish competition authorities and the Polish Ministry of the Interior and Administration.
With 150,000 associates in 140 countries, Accor is the European leader and one of the world's largest groups in travel, tourism and corporate services.
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