Warimpex, Europa Fund II and George Mula agreed to sell their 100% interest in the Sobieski Hotel to the Norwegian investment company Wenaasgruppen which specializes, among other activities, in hotel properties and asset management. The sale price agreed was in excess of 50 million.
"This sale takes place after the successful fulfillment of a five-year business plan. We have accomplished a substantial renovation of the hotel and, together with Warimpex and Vienna International Hotelmanagement AG, significantly improved the hotel performance during those five years," commented Simon Hooper, Partner at Europa Capital.
Franz Jurkowitsch, President of Warimpex added: "The sale of the Sobieski hotel concludes our second successful project in joint venture with Europa Capital. This first substantial market transaction in the hotel sector in CEE after the global financial crisis is a sign of the re-emerging strength of the investment market in the region.
"The sale is perfectly in line with the strategy of Warimpex to regularly sell assets in order to generate equity for our developments and new projects."
The four-star Jan III Sobieski Hotel is one of the first luxury hotels constructed in Warsaw after 1989. The hotel was opened in July 1992 and acquired by the sellers in 2006. It has 435 rooms and suites, and offers extensive conference facilities. Annually, more than 100,000 tourists stay at the Sobieski Hotel.
Lars Wenaas, owner of the Wenaasgruppen is looking positively towards the future: "The Sobieski is our first hotel in the important and dynamic Polish market. We are pleased to have acquired this very well managed landmark asset. The hotel will be rebranded to an internationally well-known brand within the next two months."
Source: Warimpex Finanz- und Beteiligungs AG