Echo Investment has agreed to sell the former Cracovia hotel building in Krakow to Poland’s Ministry of Culture. In the future, the new owner plans to use the site as a location for a gallery of design and architecture.
Echo Investment bought Cracovia in 2011. The company planned to replace the building with a modern office complex, but due to the object’s listing in the historical monuments’ register, there have been prolonged conservatory agreements. At the same time, representatives of the Ministry of Culture have approached Echo Investment seeing the property as a chance to implement a project of unique urban and cultural values.
The value of the deal agreed by the parties is PLN29 million plus VAT.
