Accor’s Jo&Joe Paris Gentilly property.
With the Orbis integration, AccorInvest portfolio now comprises more than 900 hotels and 135,000 rooms, for a total revenue in excess of 4 billion euros.
Last December, AccorInvest announced its intention to acquire up to 100% of Orbis SA shares by way of a public tender offer, which is now finalized and AccorInvest owns 98.6% of Orbis S.A.
“We are thrilled to integrate Orbis which has a great portfolio of assets, a long-time expertise in real estate and lodging sectors across key markets and great teams to run the business on a daily basis. Thanks to the Orbis integration, AccorInvest portfolio now comprises more than 900 hotels and 135,000 rooms, for a total revenue in excess of €4bn,” comments John Ozinga, CEO of AccorInvest.
“It allows us to expand our European geographical footprint in very dynamic markets and also to strengthen our portfolio in the economic and mid-range segments. I am convinced that this integration will be a success and deliver huge potential,” he added.
The transaction completes Orbis transformation, following the acquisition by Accor of Orbis’ hotel management and franchise business last October for €286m. Orbis with 73 hotels in 6 countries, being an asset heavy player is fully fitting to the AccorInvest ecosystem.
“Over the past years, Orbis has carried out a major shift and performed a huge transformation. In 2019, we wrote a new page in the Group’s history becoming a pure hotel investor and operator in Eastern Europe region. Having the new investor, who notably understands and supports Orbis’ strategy is a new step in the company further development. Both AccorInvest & Orbis will now write a common story, which starts today,” adds Gilles Clavie, President and CEO of Orbis SA.
