Currently operating in Greenwich, Connecticut, Starwood Capital Group is a private investment company and they’ve just announced the acquisition of the Sofitel Budapest Chain Bridge Hotel. Previously, the hotel was owned by Orbis Hotel Group but the change of ownership surrounded a deal worth €75 million; both parties must wait for regulatory approval before confirmation.

Located on the Danube, the hotel boasts 357 rooms and will now enter a period of renovation. Starwood Capital Group VP for European Hotels, Keith Evans, has said “With its irreplaceable location and strong cash flow, the hotel has attractive growth and significant repositioning potential.”