Union checks into brace of Polish hotels for €80m

German fund and asset manager Union Investment has acquired two brand new hotel properties in the Polish cities of Kraków and Katowice from Vienna-listed property developer UBM. 

The two hotels exchanged hands for €80 mln. Alongside the sales contract, subsidiaries of UBM hotels executed long term lease agreements with the new owner of the properties. Both hotels will be managed by Accor.

The hotel in Kraków will operate under the ibis Styles brand, and the hotel in Katowice under the Mercure brand.

The ibis Styles-branded hotel in Kraków has 259 rooms and 179 underground parking spaces. The property is in a close distance to Galeria Krakowska and the Old Town.

The Mercure-branded hotel in Katowice offers 268 rooms and 70 parking spaces. The property in Katowice also comprises some 2,600 m2 GLA of office space.

The property is located near the main railway station, city hall and Galeria Katowicka.

Linklaters Warsaw advised UBM. The transaction was led by Michal Miecinski (counsel) supported by Mateusz Korecki (associate) from the firm's Warsaw real estate practice.