Warimpex, the Vienna-based property developer and investor, has sold its shares in the project company that owns the four-star Dvorak Spa Hotel in the Czech city of Karlovy Vary to a subsidiary of Austria's Raiffeisen Leasing.
Warimpex, the Vienna-based property developer and investor, has sold its shares in the project company that owns the four-star Dvorak Spa Hotel in the Czech city of Karlovy Vary to a subsidiary of Austria's Raiffeisen Leasing.
The deal was announced at the end of December 2008. Warimpex said the 126-room Dvorak Spa Hotel was one of the company's best booked hotels, with an average occupancy rate of 85% in recent years.
Warimpex will lease the hotel back and it will continue to be managed by Vienna International Hotelmanagement. The hotel was opened in 1990 and Warimpex expanded it in 2003-2004.
The transaction volume for the deal was not disclosed but Warimpex said in a statement that the selling price was just under 7% less than the fair value determined by the international real estate assessor CB Richard Ellis (CBRE) in June 2008. The transaction amount, in addition, was roughly twice the book value of the property because Warimpex values its hotel properties at adjusted historical costs, the company said.
'Following the sale of the Pauler office building in Budapest at the beginning of the month (December), we have succeeded in executing yet another positive transaction. This is an important sign that we have the trust of the banks despite the difficult conditions on the financial markets,' said Warimpex chairman Franz Jurkowitsch.
