Keyword: Orbis Hotel Group
With the disposal of Orbis and the sale and management back of the Mövenpick leases, the company is moving to an asset-light structure.
As it takes over franchise agreements and management contracts of Orbis' Central Europe hotels, Accor also is looking to divest its stake in the company.
Orbis will manage the 66-guestroom Mercure Galati Centrum and the 79-room Ibis Styles Galati Dunarea when they open next year.
By 2022, the strategic partners expect to have 20 hotels with an estimated 1,450 guestrooms in the country.
Expanding beyond hotels, Accor is set to invest €225 million on initiatives to boost its presence in hospitality and entertainment services.
The Paris-based company is looking to acquire remaining shares of the Polish hotel operator for €337 million.
The total value of real estate transactions is expected to exceed €6.3 billion for 2018.
The country’s government has been looking to tourism to help drive the economy, which reportedly accounts for 12% of its GDP.
The French hotel giant already owns more than 50 percent of Orbis' shares, and is offering $501 million for the rest.
With visitor numbers up, global hotel companies are looking to build in Hungary's capital city.