Poland's Orbis approves $176M Accor hotel buy

Reuters reports that the supervisory board of Polish hotel group, Orbis, has approved the purchase of 46 hotels in central Europe for $176.5 million from Orbis' French owner Accor. Currently, the Polish group runs 68 hotels in 32 cities in Poland, Lithuania and Latvia.

The majority of the hotels are located in the capital cities of Hungary, the Czech Republic, Romania and Poland.

"Orbis will be the sole operator of hotels working under the Accor brands in those countries and will strengthen its position as a leader of hotel operator in the region," Orbis said in a statement.

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Orbis will take over 38 existing hotels and eight planned ones. The company could reportedly finance the purchase with loans and a potential bond issue.

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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.