Warimpex sells andels hotel in Krakow to DEKA Immobilien (AT/PL)

Warimpex Finanz- und Beteiligungs AG has sold its andel's design hotel in Krakow to DEKA Immobilien . Warimpex was the sole owner of this hotel from February 2008 to the date of the sale, and will lease it back under a 15-year fixed lease.

According to the purchase agreement, the sale price will not be disclosed. Vienna International Hotelmanagement AG will continue to manage the hotel.

"The sale of the andel's in Krakow brought us an excellent yield for the current market conditions, generated a net gain, and will continue to provide profit potential thanks to the lease structure," says Franz Jurkowitsch, CEO of Warimpex, talking about the deal.

"In light of the fact that real estate transactions are highly rare in general in Central and Eastern Europe at the moment, we are all the more pleased about the trust that the market places in us in these times. This is clear confirmation of the quality of the projects that we develop."

The four-star superior andel's hotel in Krakow was opened as the first design hotel in Poland in May 2007. The project was realized as a 50:50 joint venture of Warimpex and UBM Realitätenentwicklung AG. The andel's boasts a central location in the city, close to the world-famous old town and the rail station, and is highly appreciated for the quality of its service and its modern design.

The hotel in Krakow follows the same success formula as all of Warimpex' andel's-branded design hotels, with which the company has enjoyed considerable success since the line was launched in Prague in 2002. After this sale and the sale of the andel's in Prague in 2005, Warimpex still holds two further hotels of this brand in its portfolio with its recently opened establishments in Berlin and Lódz.

Source: Warimpex

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