Accor completed the acquisition of the service business of Orbis for PLN1.2bn.

Accor, a French multinational hospitality company, completed the acquisition of the service business of Orbis, the oldest travel agency in Poland, for PLN1.2bn. “Over the last decade Orbis significantly increased its business, entered into new countries, developed its hotel portfolio by all operating modes, and became the regional leader. For the last 20 years, Orbis has been supported by Accor, our strategic partner and shareholder. By splitting 2 businesses and signing a long-term management agreements we will be able to capitalize a value of the asset light part through its disposal to Accor. We will then focus all our attention on Orbis core business i.e. real estate operations, which is in its DNA. Once done, Orbis – a pure heavy asset player with its portfolio of 72 owned hotels will be ready to start a new era of growth sharing the same strategy with a new shareholder," Gilles Clavie, Orbis President and CEO.