Sofitel Budapest has a new owner

The Orbis Hotel Group has signed a contract with the Universale International Realitaeten company for the purchase of the Sofitel Budapest Chain Bridge hotel, Orbis announced on Tuesday.

Orbis pays 42.25 million euros for the hotel in Budapest. The acquisition can be done with the approval of the Hungarian competition authority. The hotel has been leased by Orbis from the owner.

“The purpose of the transaction was to eliminate the lease costs and to create the conditions for a possible sale to optimize the operation of the hotel” Orbis’s announcement reveals. (mfor.hu, MTI)