Ghelamco has sold the hotel tower in The Warsaw HUB complex

Ghelamco has sold the hotel tower in The Warsaw HUB complex

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News Article Corum XL Ghelamco hotel investment office Poland Warsaw

Ghelamco has announced closing the deal concerning the sale of a high-rise building at Rondo Daszyńskiego, which houses hotels of the Crowne Plaza and Holiday Express Inn chains. The buyer is the French fund Corum XL. This is the third and final building sold from Ghelamco’s portfolio in The Warsaw HUB. The price has not been disclosed.

The Paris-based Corum XL fund, with ca. €2 billion in assets value, has become the owner of a 21-storey tower, managed by the IHG Hotels & Resorts chain, with a 212-room Crowne Plaza and a 218-room Holiday Inn Express with a total space of ca. 21,000 sqm. The building also houses the Nova Wola restaurant, Signature Bar in the lobby, The Roof skybar on the 21st floor, a gym, sauna and a conference centre with 30 rooms covering more than 1,400 sqm. The final agreement was signed on 18 December. Ghelamco Hotel will remain the tenant of both hotels.

“The sale of the hotel tower is a key milestone for us, closing the huge project which consisted of developing and commercializing The Warsaw HUB complex. The building has become an integral part of Warsaw’s landscape and Wola’s business character. The Crowne Plaza and Holiday Inn Express operating there enjoy a strong reputation and high occupancy all year round. At the same time, it is the only hotel in the Rondo Daszyńskiego area, which is, after all, the most important place on the business map of Warsaw. Congratulations to the new owner, Corum XL fund, for an excellent investment in a secure and promising asset”, says Jarosław Zagórski, Managing Director, Ghelamco Poland.

“Our fund continues its expansion in strategic locations in Europe with the acquisition of the Warsaw HUB hotel tower. Securing an iconic building in a proven location, coupled with strong hotel performance, is an exceptional addition that complements Corum XL portfolio well. We extend our gratitude to Ghelamco for the delivery and look forward to fruitful cooperation”, said Melanie Ballu, Partner – Investment Director, Corum Asset Management.

The transaction concerned the hotel tower building, while Ghelamco remains the owner of the hotels. Last March, the developer sold the office part of The Warsaw HUB to Google, a key tenant, for €580 million, a record in the Polish office real estate market. As a result of the deal, the digital giant became the owner of two office towers and a convenience centre in the underground part of the complex.

Ghelamco was advised in the transaction by Greenberg Traurig, RymarzZdort, MDDP, Cushman & Wakefield and CBRE, while Corum XL was advised by Hogan Lovells (Katarzyna Dębińska-Pietrzyk) and Gleeds.

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