Union Investment Real Estate said on Monday that it has agreed to acquire the future Holiday Inn Gdansk City Centre hotel at an early stage by way of a forward purchase agreement.
The hotel, which was bought on behalf of one of Union's institutional funds, will have 240 rooms, a fitness space, conference facilities, and a parking garage. It is expected to be completed by developer UBM in mid-2019.
The Hamburg-based real estate investment manager said it is also about to complete the acquisition of another Polish hotel, the 256-room Holiday Inn Warsaw City Centre.
The purchase, made on behalf of the Unilmmo: Deutschland open-ended real estate fund, was agreed back in 2015 with developer UBM also in a forward purchase structure.
The two deals are worth a total of €80 mln.
Day-to-day management of the hotels will be handled by the InterContinental Hotels Group (IHG) under the Holiday Inn brand.
'The rejuvenation of the historic Granary Island is currently one of the most exciting development projects in Poland, and the new Holiday Inn hotel will become an iconic building on the remodelled island,' said Andreas Löcher, head of Investment Management Hospitality at Union Investment Real Estate.
