Orbis is launching Aparthotels Adagio - a new aparthotel brand on the Eastern European market. Enlarging the brand portfolio by adding Aparthotels Adagio, Orbis Group is diversifying its network development and enters the city-centre apartment market as a development acceleration lever.
The total transaction volume on the CEE hotel investment market increased to €700 million in the first half of 2017 from the €630 million transacted in H1 2016. This represents a yearly growth of 11 percent which is significantly larger than the 0.3 percent growth registered in the western part of Europe. High yields, booming tourism and strong economic growth are the main reasons behind growing interest in the hotel markets of Central and Eastern European capitals on the behalf of international investors.
Hyatt Hotels Corporation announced plans for the Párisi Udvar Hotel in Budapest, joining Hôtel du Louvre in Paris as the second hotel in Europe for The Unbound Collection by Hyatt and third outside of the U.S. Hyatt has entered into a franchise agreement with Párizs Property Kft for the project, which will see Párisi Udvar in downtown Budapest converted into an upper-upscale 110-room hotel. The hotel will feature 18 suites, including 2 presidential suites. The Párisi Udvar Hotel is expected to open in 2018 and will be managed by Mellow Mood Hotels.
In recent years, Poland's hotel market has shown continuous overall growth and has seen extensive investment. The number of hotels has almost doubled in the past ten years, predominantly due to Poland's opportunity to co-host the UEFA Euro 2012 with Ukraine. Between 2012 and 2016 alone, the number of hotels increased from 2,014 to 2,463, a 22% increase. Hotel property adviser Christie & Co analysed the Polish hotel market.
Construction works on the new Radisson Blue Hotel in Brasov are soon to start and are scheduled to be completed by 2019. The five-star hotel will have 110 rooms, zf.ro reports.
Revetas Capital, an investment fund founded and managed by an American real estate broker Eric Assimakopoulos, is close to buying the Radisson Blu Bucharest hotel for €177.5 million, according to market sources. If completed, this will become the largest transaction on the Romanian property market in recent years.
The first Hilton Garden Inn hotel in Romania is to be opened by end-2017 in Bucharest. The 201-room hotel will be located within an historic listed building in the city centre. Hilton Garden Inn Bucharest Old Town will be administered by hotel management company Apex Alliance Hotel Management.
The hotel market in Romania could become more diverse throughout the next year as a result of new brands entering the market by means of leasing or partnership contracts with real estate developers as an alternative to the management or franchise contracts. Such a business model will lead to the relaunch of the hotel market and will offer, at the same time, the possibility for real estate developers to diversify their portfolio, according to Colliers International.
Israeli-held Elbit Imaging announced that it has signed a non-binding letter of intent with an international investment fund to sell its entire shareholding in a company owning the Radisson Complex in Bucharest, based on a property value of approximately €177.5 million.
108 Agency has mediated a lease of 7,700 sqm for the company DSV Solutions in Prologis Park Prague-Airport. DSV Solutions provides and manages supply chain solutions.
TECH LIGHT, a manufacturer and designer of LED lighting profiles, has relocated to Panattoni A2 Warsaw East Park, situated next to Stary Konik junction near Warsaw. The tenant moved into 1,200 sqm of warehouse and office space already in August. AXI IMMO provided comprehensive advisory services for TECH LIGHT.
Eli Lilly has extended its office lease of 900 sqm in Bucharest Business Park. The pharmaceutical company has been a tenant in the project since 2006. The office complex is owned by CA Immo. Real estate consultancy CBRE worked on the lease extension.
New appointments
From mid-October this year, Kornél Kalapács is taking up the position of Managing Director of Codic Hungary, the company announced. With around 30 years of experience in real estate development and construction, he will strengthen Codic's Hungarian subsidiary, which will hand over the Green Court Office A building under his management next month.
Mateusz Gołembiewski will head up JLL's HR organisation in the CEE and Russia region. He has 15 years of experience in developing company strategies and operations in this field, and will lead the HR teams in Poland, the Czech Republic, Romania, Slovakia, Hungary and Russia.
The Urban Land Institute (ULI) has announced the appointment of Søren Rodian Olsen, managing director of Logicenters at NREP as chair of ULI Poland. He succeeds Dorota Wysokińska-Kuzdra, senior partner at Colliers, and officially began his voluntary two-year term on 1 October 2021.
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