Orbis looking to sell hotel chain

2010-06-22



Hotel operator Orbis intends to sell two or three hotels operating under the Orbis Hotels brand in smaller towns, announced the company's representatives cited by ISB.
The operator's long-term objective is to sell a total of 5-7 hotel establishments. Additionally, Orbis plans to dispose of its non-hotel assets and the company Orbis Transport, as it intends to focus on its core business. However, transactions will be carried out only if their terms are satisfactory to Orbis, as Orbis is under no time pressure to complete any deal. Orbis sold Novotel hotel in Olsztyn and Beskid hotel in Nowy Sacz at the end of 2009 in transactions worth PLN 10m (€2.5m) each.
The company is putting two Ibis-Etap hotel construction projects on hold in Warsaw and Krakow, but they can possibly be resumed when there is demand from the market for additional accommodation stock. At any rate, Orbis has no plans of building hotels specifically for the occasion of the Euro 2012 tournament – with over 60 hotel establishments all over the country, the company considers its hotel stock to be sufficient.

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