Sheraton Krakow Sold to Quinn Group for EUR45 mil
Transaction Structured by Molinaro Koger
LONDON, UK, August 10, 2006. Molinaro Koger (MK), announced today that they advised Besix, NDI SA, PKO Bank Polski SA and Starwood Hotels & Resorts Worldwide, Inc. in the disposition of the 232-room Sheraton Hotel Krakow to the Irish-based Quinn Group for EUR45 million.
The hotel opened in April 2004 as a newly developed five-star property. It will continue to be managed by Starwood and will retain the Sheraton brand. The Quinn Group has existing properties in the Czech Republic, Bulgaria, Ireland and the UK.
'We are delighted to have successfully concluded this significant transaction and to have secured a notable return for our clients, while providing Quinn Group with an exceptional opportunity to build on their investment,' said Eric Kudlak, Managing Director, Europe, Molinaro Koger.
As well as being considered the jewel of the Polish tourist market, Krakow, Poland's second city, is one of Eastern Europe's most dynamic business centers and rapidly becoming a preferred alternative to Warsaw for headquarters office locations of major international firms and foreign investment. A member of the EU, Poland is regarded as a reliable environment for international business with an economy that is set to maintain a strong growth rate for the foreseeable future.
'The city is only just beginning to achieve its potential as one of the region's leading commercial and tourism centers. Performance figures to date indicate that the Sheraton Hotel Krakow has outperformed the general hotel market in terms of occupancy and rate and continues to gain momentum. Given that the central Krakow hotel market is not expecting substantial additions in terms of competitive supply, the Sheraton's combination of strong brand and location is likely to result in improving occupancy and rate levels,' said Mr. Kudlak.
The Sheraton Hotel Krakow is in a central location, on the banks of the River Wisla, within walking distance of the city's famous market square and Wawel Castle. The hotel has two restaurants and two bars, 500 square meters of meeting space, a health club with an indoor swimming pool, gym and sauna.
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