Belgian property developer Ghelamco has sold a hotel tower in Warsaw, Poland, to French investment fund Corum XL for an estimated €69 mln.
The transaction, completed just before New Year, is considered as one of the largest of the Polish property market in 2023.
The 21-storey tower houses the Crowne Plaza (212 rooms) and Holiday Inn Express (218 rooms) hotel chains. The 21,000 m2 building also includes a restaurant, a sky bar, a fitness center, a sauna and a conference center.
The hotel tower is part of the Warsaw Hub complex, a multifunctional skyscraper complex situated near Daszynskiego roundabout in Warsaw’s new business district. The Hub also includes two 130-metre-high office towers with a shopping arcade, which Ghelamco sold to the Google corporation in 2022 for €583 mln.
Jaroslaw Zagórski, managing director, Ghelamco Poland, said: ‘The sale of the hotel tower is a key milestone for us, closing the huge project which consisted in 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 Daszynskiego area, which is, after all, the most important place on the business map of Warsaw.”
Ghelamco’s portfolio in Warsaw includes the Warsaw Spire complex, the Warsaw Unit building, and two revitalization projects. The property developer is in the process of selling the Unit office tower, valued at €290 mln in mid-2023.
