Lot Polish Airlines has decided not to sell its Marriott building on al. Jerozolimskie, in central Warsaw, to the property fund managed by Deutsche Bank. Instead the company will organize a tender with the initial price set at PLN 260.5 mln.
Lot is the owner of the building as well as a 50 pct stake in the company which manages the 87,000 m² property. The building was opened in 1989 and includes the Marriott hotel, offices and a shopping gallery.
The transaction with DB was about to be closed before the parliamentary and presidential elections. After results of these, Lot changed its policy and opted for the tender process instead. Its results will be announced in February/March, by when it will be known if there was anybody interested in acquiring this landmark property.