The 357-room hotel on the Danube will undergo an extensive renovation, state news wire MTI cited Starwood Capital as saying.

"With its irreplaceable location and strong cash flow, the hotel has attractive growth and significant repositioning potential," said Keith Evans, Starwood Capital Group VP for European Hotels.

Online news portal index. hu recalled that the hotel last changed hands as recently as this spring, when Accor, the majority owner of Orbis, exercised its option right to purchase the building. Orbis had until then been leasing the hotel from its previous owner, Universale International Realitäten GmbH.

Index.hu noted that Starwood Capital Group is active mostly on the global real estate market, as well as in energy infrastructure, oil and gas. The firm and its subsidiaries have 10 offices in four countries, employing a total of 3,400 people, and currently manages assets worth USD 54 billion.

Source: BBJ

Republished with permission