Date: April 2018
Location: Krakow, Poland
Name: Park Inn by Radisson – four star
No. of Keys: 152
Seller: A joint venture between subsidiaries of UBM Development and Lindorcenia. The Radisson Hotel Group manages the hotel as part of a long-term lease.
Buyer: German real estate investor Union Investment purchased the nine-year-old Park Inn by Radisson hotel in Kraków, Poland, for an institutional real estate fund. The transfer of rights and obligations is scheduled to take place by the end of May.
Price per Key: €171,053
THPT Comment: At the end of January 2018, Union Investment closed the acquisition of a 256-room hotel in Warsaw and signed a purchase agreement for a planned new hotel with 240 guestrooms in Gdansk.
Collectively, the three new acquisitions are worth €106 million. The Hamburg-based real estate investment manager now holds a total of six hotels across four different cities in Poland, including the 196-room Radisson Blu Hotel in Krakow’s historic old town, held by UniImmo: Europa since 2009.
First Seen: Hotel Management