Warimpex sells Andel's hotel in Krakow to Deka

Warimpex has sold its Andel's hotel in the Polish city of Krakow to Deka Immobilien. The financial details of the transaction were not disclosed.

In a statement, Warimpex said it was leasing the hotel back on a 15-year fixed lease. Vienna International Hotelmanagement will continue to manage the hotel.

'The sale of the Andel’s in Krakow brought us an excellent yield under the current market conditions, generated a net gain, and will continue to provide profit potential thanks to the lease structure,' Warimpex CEO Franz Jurkowitsch said. 'In light of the fact that real estate transactions are highly rare in general in Central and Eastern Europe at the moment, we are all the more pleased about the trust that the market places in us in these times. This is clear confirmation of the quality of the projects that we develop.'

The four-star Andel’s hotel in Krakow was opened as the first design hotel in Poland in May 2007. The project was a 50:50 joint venture of Warimpex and UBM Realitätenentwicklung. Following this sale and the sale of the Andel’s in Prague in 2005, Warimpex still holds two further hotels of this brand in its portfolio with its recently opened establishments in Berlin and Lodt.

Warimpex Finanz- und Beteiligungs AG is a property development and investment company with headquarters in Vienna and offices in Budapest, Prague, St Petersburg and Warsaw. Over the past 25 years, Warimpex has developed properties worth over EUR 1 bn in Central and Eastern Europe.