The State retains a 6% interest in Orbis, with the balance trading on the Warsaw Stock Exchange.

Accor�s investment amounts to EUR 81million.  
 

Orbis is the leading Polish hotel and tourism group with 55 hotels (10,439 rooms) in the three and four star category, located in the country�s 25 largest towns and resorts, including Warsaw, Krakow, Poznan, Gdansk, Sopot, Gdynia... The hotel portfolio comprises prestigious hotels such as in Warsaw the �Victoria� (330 rooms), the �Europejski� (230 rooms) and the �Forum� (730 rooms) and, in Krakow, the �Continental� (300 rooms) and the �Forum� (275 rooms).

Europejski Hotel, one of the oldest of its kind in Europe. First opened on the 1st January 1857.

Orbis is also active in travel agencies and casinos. Sales totalled approximately EUR 240 million in 1999 of which EUR 190 million for hotels.  Enjoying premium locations within city centers, the Orbis hotels will undergo renovation and be operated under the Sofitel, Novotel, Mercure, Ibis and Etap Hotel brands.

Accor has committed to refrain from developing competing hotels outside of the Orbis umbrella and to combine within Orbis its existing hotels (5) and units currently under development (10), so as to reinforce its leading hotel network in the Polish market.

With this strategic acquisition, Accor will significantly extend its position in Poland � a country of 40 million inhabitants boasting one of Europe�s highest growth rates � and reinforces its European leadership.  Accor with 129,000 associates in 140 countries, is the European leader and one of the world�s largest group in travel, tourism and services.