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Orbis divests to franchisee

11 September 2017

Orbis divests to franchisee
A new Orbis Styles hotel is to be opened within three years
POLAND Cube is to buy two hotels in Toruń and an uncompleted development that is to be the Ibis hotel from Oribs.

The price of Mercure Toruń Centrum at ul. Kraszewskiego 1-3 was PLN 18 mln net. Meanwhile Ibis Budget Toruń at ul. Jerzego Popiełuszki 2a and the 3,500 sqm building site at ul. Jerzego Popiełuszki 2 cost PLN 11 mln. The final sales agreement for the Mercure Toruń Centrum hotel will be concluded by 30th of September 2017 and the final sales agreement for the Ibis Budget Toruń and the land will be signed by the 30th of September 2018. Orbis and Cube also signed three long-term franchise agreements under which all the hotel will continue operating under their current brands. Cube has also agreed to complete the Ibis hotel project, which is to open within three years.

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