Global real estate investment manager Invesco Real Estate (IRE) has acquired the refurbished Sheraton Grand Hotel in central Krakow for €70 mln from hotel investor Algonquin.
The 232-room hotel was purchased on behalf of one of Invesco's UK pension fund separate account clients.
'The Sheraton Grand Hotel Krakow is one of the strongest performing hotels in the CEE region given its prime location in the city’s Old Town, its proven track record and leading position in an undersupplied hotel market,' commented Marc Socker, managing director of hotel fund management at Invesco Real Estate. 'The hotel has recently undergone a complete refurbishment, resulting in its rebranding into the upper-upscale segment of the market into a Sheraton Grand Hotel, so we are delighted to add this upmarket hotel to our portfolio of assets.'
'Algonquin is delighted with its first collaboration with Invesco Real Estate on this hotel. We have been very pleased with the work accomplished so far with the brand and hotel teams, which has led to the recent upgrade of the hotel to its Sheraton Grand re-branding,' said Stéphane Obadia, managing director, head of development at Algonquin.
'This is a high quality hotel in a core CBD location with long-term income in a relatively stable economy, and supported by strong demand/ supply fundamentals. We are pleased to add additional hotel exposure to our client’s existing portfolio,' concluded Chris Brassington, director of fund management at Invesco Real Estate.
IRE was assisted by legal advisers CMS Cameron McKenna and financial advisers PWC in the transaction.
Algonquin was advised by CBRE Hotels, and DZP provided legal assistance.
