UBM and Warimpex increase their stakes in InterContinental Warsaw Hotel (AT/PL)

UBM Realitätenentwicklung AG and Warimpex Finanz- und Beteiligungs AG signed a purchase agreement on 14 June 2007, giving each of them an additional 16.67 % stake in the InterContinental Warsaw Hotel. Opened in 2003, the hotel containing 306 rooms, 22 suites and 76 long stay apartments was jointly developed by the two companies in cooperation with the InterContinental Hotels Group, and the three parties have since held one third of the shares each.

A highly popular establishment, the InterContinental Hotel boasts one of the highest occupancy rates of all business hotels in Warsaw. Boasting of 45 floors and a height of 156 m, the hotel is Europe's tallest hotel building. The striking, elegant tower dominates the city's skyline, also due to Tadeusz Spychala's spectacular architecture – and the characteristic open element within the building structure.

In line with its strategy of concentrating on hotel management InterContinental has now sold equal parts of its shares to UBM and Warimpex, who now own 50 % of the hotel company each. The parties have agreed not to divulge the purchase price.

Source: UBM

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