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Union Investment buys third Polish hotel in 2018

Nathan North 06 April 2018

Nathan North

Deputy editor

+48 22 356 25 22
nathan@eurobuildcee.com

Nathan is responsible for the English section of the magazine. Nathan was born in Manchester in the UK and completed a master’s degree in philosophy at the University of London. As well being responsible for editing the English section of ‘Eurobuild CEE’ magazine, he also contributes news from around Central Europe and articles on the investment and industrial markets and on architecture. In his free time he likes playing piano, drawing and cooking.

Union Investment buys third Polish hotel in 2018
The hotel has been sold by UBM Development and Lindorcernia for EUR 26 mln
POLAND Union Investment has acquired the Park Inn by Radisson hotel in Kraków for app. EUR 26 mln for an institutional investment fund.
The 152-room hotel on the south bank of the Vistula (close to the ICE Congress Centre) was sold by a joint venture between subsidiaries of UBM Development and Lindorcenia. It is managed by the Radisson Hotel Group under a long-term lease. The transfer of the rights and obligations related to the property is scheduled to take place around the end of May 2018. CMS advised both UBM and Lindorcenia on the sale.

“With a location that appeals to business and leisure travellers alike and a consistently high occupancy rate, the Park Inn by Radisson Kraków is an excellent fit with Union Investment’s portfolio,” commented Andreas Löcher, the head of investment management hospitality at Union Investment Real Estate. “Following transactions in Warsaw and Gdansk, this is our third hotel acquisition in Poland in the past twelve months and we see further potential in the Polish hotel investment market,” he added.

The 1,000 sqm hotel also includes a breakfast and restaurant area, a gym, five conference rooms and 70 parking spaces in the underground car park. At the end of January, Union Investment completed the acquisition of the 256-room Holiday Inn hotel on ul. Twarda in Warsaw and signed a purchase agreement for a planned Holiday Inn with 240 rooms in Gdańsk – on ul. Chmielna on Spichrzów Island. The combined value of the three acquisitions comes to EUR 106 mln.

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