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UBM sells hotels in Katowice and Kraków

Alex Hayes 17 January 2020

Alex Hayes

Journalist

+48 22 356 25 20
alex.hayes@eurobuildcee.com

Alexander Hayes is currently working as a journalist for Eurobuild Central & Eastern Europe magazine. Originally from the UK, he moved to Poland in 1995 and has been working in real estate for over four years. He has a BA in english literature from the University of Buckingham.

UBM sells hotels in Katowice and Kraków
The Ibis Styles inKraków is scheduled to open in 2021
POLAND Union Investment Institutional Property has signed a forward purchasing agreement for two hotels in Katowice and Kraków, which it will acquire for its open ended real estate fund UII EuropeanM.

The seller UBM Development, will complete the construction of both buildings in 2021 and will stay on as the operator. The sales price comes to around EUR 86 mln.

The Ibis Styles Mogilska hotel in Kraków will have 259 rooms and an underground car park for 179 vehicles. The Mercure Młynska in Katowice will have 268 rooms and a car park for 70 vehicles. The building will additionally include around 2,700 sqm of office space.

Both properties are being built in central locations nearby their cities’ main railway stations.

“The risk-return profile of hotels is unbeatable for investors in the current market environment“, stated Andreas Zangenfeind, the head of transactions and a member of UBM’s executive committee, explaining rationale behind the deal.

UBM Development was advised by Linklaters during the transaction.

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