Invesco Real Estate has acquired Cloud One Gdańsk hotel in Poland on behalf of its German client. The seller is Granaria Development Gdańsk, a joint venture entity created by Immobel and Multibud. The price has not been revealed.
"The European hospitality sector continues to recover from the coronavirus crisis, creating excellent opportunities for investors with a selective investment approach. We are still observing strong demand from clients and are well-positioned to support institutional investors in diversifying their portfolios", said Michael Berchtold, Fund Management director at Invesco Real Estate.
Located on Stągiewna Street in Gdańsk’s Granary Island (Wyspa Spichrzów), the seven-story Cloud One Gdańsk hotel is situated approximately 2 km from the main train station, in close proximity to the historic Old Town. The property has already been awarded a BREEAM "Very Good" certification, but there are plans to upgrade it to an "Excellent" rating. Scheduled for completion in 2024, it will be operated and managed by Motel One Group under a 25-year lease agreement. The hotel chain has a portfolio of 94 hotels across 12 countries in Europe and the United States.
