by Ákos Budai | Investment

Invesco Real Estate (IRE), a global real estate investment manager, has acquired the 232-room Sheraton Grand Hotel Krakow for €70 million on behalf of one of its UK pension fund separate account clients. The seller was hotel investor Algonquin.


“The hotel has recently undergone a complete refurbishment, resulting in its rebranding into the upper-upscale segment of the market into a Sheraton Grand Hotel, so we are delighted to add this upmarket hotel to our portfolio of assets”, Marc Socker, Managing Director – Hotel Fund Management at Invesco Real Estate comments.

Krakow and its hotel market have benefitted from the city further positioning itself over the past five years as a prime destination for major businesses, a key academic hub, significant conference facilities and leisure in Poland as well as demand generators such as the airport extension which allows for increased numbers of visitors to the region.
 
IRE was assisted by legal advisers CMS Cameron McKenna and financial advisers PWC in the transaction. Algonquin was assisted by legal advisers DZP.