ARTICLES LABELLED WITH TAG hotel

Resilient European economies, the continued popularity of Mediterranean leisure destinations and Europe’s importance for business travellers, should drive hotel occupancy and revenues in 2017, according to the latest PwC European Cities Hotel Forecast. Most European cities, including Budapest and Prague, are expected to see additional revenue growth in 2018.

InterContinental Hotels Group (IHG), one of the world’s leading hotel companies, has announced the signing of Holiday Inn Warsaw West Station. The hotel will be developed with franchisees VHM Hotel Management, owned by the Satoria Group SA, and investors Capital Park. 

Owner Strabag has put the five-star JW Marriott Hotel on the market, zf.ro reports. The potential sale is reported to have attracted interest from various foreign and local investors, including the Paval brothers, the owners of DIY retailer Dedeman. The value of the 402-room hotel is estimated to be around €100 million.

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 investment volume achieved in 2016 totalled almost €1.2 billion with 46 transactions recorded in core CEE hotel investment markets. In comparison, 2015 reached just over €700 million with 45 transactions. Austria was the star performer with almost €800 million transacted, which made up 67% of the total investment volume. In other CEE markets volume was lower than in 2015 with a particular decline in Poland which more than halved in volume. The Czech Republic accounted for 18% of total CEE investment share; most of the investment took place in Prague which saw 7 transactions including the Hilton Old Town, Park Hotel and Chopin Hotel.

According to Christie & Co's recent hotel market snapshot, Bucharest is an emerging market for hotel investments. While the city's hotel market may yet to fully recover from the financial crisis, it has made tremendous progress in recent years, reporting upward trends in key performance indicators and growing investor interest.

The Rezidor Hotel Group, a member of international Carlson Rezidor Hotel Group, has announced the signing of the first Radisson RED in the Central Europe. The newly built Radisson RED Krakow is expected to be completed by fall of 2019.

Warimpex announced the partial sale of its hotel portfolio to Thai investor U City Public Company Limited (U City). The transaction includes eight hotel participations – two of which are partially (50 per cent) owned by UBM Development AG (UBM) – which comprise approximately 50 percent of Warimpex's total real estate assets and which have a property value of approximately €180 million (excluding the stakes of UBM in that portfolio). 

Orbis has concluded a preliminary agreement for the sale of two Polish hotels, Mercure Jelenia Góra and Mercure Karpacz Resort for a total net price of app. €6.1 million (PLN26.5 million) to an individual investor.

In accordance with its development strategy, Orbis Group enters Bosnia and Herzegovina with signature of a franchise agreement for MGallery by Sofitel Tarcin Forest Resort & Spa in Sarajevo region, Bosnia. The investor of the hotel is Tarcin International Development Company d.o.o.