European real estate investment manager Europa Capital has sold the Radisson Collection hotel in Warsaw, Poland, on behalf of its value add fund, Europa Fund V to Wenaas Hotels Europe, part of Wenaasgruppen.
Financial details were not disclosed.
The sale follows the comprehensive refurbishment of the property, which has been upgraded from a Radisson Blu to a five star Radisson Collection branded hotel, the first in Poland. The hotel, which has a total of 311 rooms and suites, will continue to be operated by Radisson Hospitality under an International Management Agreement. The refurbishment and the upgrade of the hotel to a five star Radisson Collection Hotel was managed by WX Management Services.
Additional amenities include a modern, redesigned reception area with a lobby bar; a dining restaurant and open plan breakfast restaurant; communal areas; a fitness centre; and meeting and events facilities.
James Pennington, director at Europa Capital, commented: 'Having received very positive feedback from the market following the completion of the refurbishment and subsequent reopening of the hotel in June this year, we have agreed this sale ahead of business plan. We acquired the asset in 2017 having identified an opportunity to capitalise on Warsaw’s growing popularity as a destination for business travellers and tourists and, by leveraging our asset management expertise, have delivered excellent returns for our investors.'
Robert Martin, partner at Europa Capital, commented: 'This is our second hotel transaction with Wenaasgruppen, having sold the Sobieski Hotel, Warsaw to them in 2010. We have been investing in all sectors of the real estate market in Poland for some twenty years and remain alive to opportunities here where GDP, employment and tourism growth are forecast to continue on an upward trajectory.'
Europa Capital partnered with WX Management Services on this project. Europa Capital was advised by Dentons and JLL. SKS Legal acted for the buyer.