CUBE Sp. z o.o signed a preliminary agreement to acquire Hotel Ibis Budget Torun and a Torun-based immovable property from Orbis Spólka Akcyjna (WSE:ORB) for PLN 11 million on August 30, 2017. In a related transaction, CUBE Sp. z o.o signed a preliminary agreement to acquire Hotel Mercure Torun Centrum from Orbis Spólka Akcyjna (WSE:ORB) for PLN 18 million on August 30, 2017. Final agreement regarding the acquisition of ibis budget Torun and the property shall be concluded until September 30, 2018. The payment of the sale price would be made after conclusion of the final sale agreement. The signing of final sale agreements is subject to the consent of Orbis's shareholders. Hotel Ibis Budget Torun shall continue to operate under its brand and CUBE will complete construction of the hotel on the immovable property within the term of 3 years after the sale, after which it will be operated under the “ibis Styles” brand. CUBE Sp. z o.o suspended the acquisition of Hotel Ibis Budget Torun and a Torun-based immovable property from Orbis Spólka Akcyjna (WSE:ORB) on October 31, 2018. The reason is the lack of financing necessary to complete the acquisition.