Kraków and Sofia Hilton hotels come to market

Jones Lang LaSalle have been appointed as exclusive agent to sell the freehold interests in the five-star Sheraton Kraków and the five-star Hilton Sofia.

The Sheraton Kraków in Poland offers 232 guestrooms and the Hilton Sofia in Bulgaria has 245 rooms.

Angus Wade, executive vice president and head of CEE Hotels at Jones Lang LaSalle, described the assets as two of the finest hotel investment opportunities in Central and Eastern Europe.

'Kraków is a highly successful hotel operating market with a growing influx of shared services, technology and outsourcing companies continuing to fuel bed night demand. The success of Poland's EU Presidency in late 2011, the UEFA Football Championships in June 2012 and the construction of a new convention centre (completion due in 2014), have all helped further elevate Kraków as a hotel investment location.'

Wade said that the Sofia hotel market is dominated by international, predominantly corporate visitation and has shown considerable signs of improvement of late. The market experienced RevPAR (revenue per available room) growth of 6.3% in 2011, primarily driven by improving occupancy rates throughout the city. Year to date RevPAR growth in the Sofia hotel market (to November 2012) stands at 3.8%, with further market growth anticipated in 2013 and beyond.