Union Acquires Polish Holiday Inn Double for €80m

Date: January 2018

Location: Gdansk & Warsaw, Poland

Name: Holiday Inn Gdansk City Centre and Holiday Inn Warsaw City Centre

Holiday Inn Warsaw City Centre

No. of Keys: Gdansk: 240; Warsaw: 256

Developer: Gdansk: UBM

Buyer: Union Investment Real Estate of Germany – The first hotel, Gdansk, was bought on behalf of one of Union’s institutional funds, is a forward purchase agreement for the future Holiday Inn Gdansk City Centre. It is expected to be completed by developer UBM in mid-2019 and will have 240 rooms, a fitness space, conference facilities, and parking.

The second purchase, Warsaw, was made on behalf of the Unilmmo: Deutschland open-ended real estate fund. It is the completion of a deal initially agreed back in 2015 with developer UBM also in a forward purchase structure.

Andreas Löcher, head of investment management hospitality at Union Investment Real Estate, said: “The rejuvenation of the historic Granary Island is currently one of the most exciting development projects in Poland, and the new Holiday Inn hotel will become an iconic building on the remodelled island.”

THPT Comment: Union Investment have (2018) 52 hotels just shy of 17,000 rooms in 9 countries, mainly in Europe with 4 in the USA, with a value of €3.4bn – under 33 brands!

First Seen: Property Week