Polish hotel chain Orbis has sold the Grand Hotel Lodz in the same-named Polish city to a private investor for EUR 20 mln. Dating from 1888, the landmark hotel is built in a neo-Renaissance style and has 160 rooms, three restaurants, a cafe and an amusement arcade.
Morgan Stanley spin-off, Proprium, made a 20-times multiple on its €65 mln equity investment in 2007 in Motel One.
