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Algonquin has sold one of the best five-star hotels in Poland

28.02.2017

Autorzy:
Dr Bartosz Marcinkowski
Magdalena Skowrońska
Joanna Wierzejska
Paulina Armada-Rudnik

With DZP's support, Algonquin, a pan-European investor and hotel operator, has sold one of the best and most profitable hotels in Poland - the Sheraton Grand Kraków. The buyer is Invesco Real Estate, a global investment management company. The transaction value was EUR 70 million and constituted Algonquin's exit from the investment. 

As with the purchase of the hotel three years ago, the sale is of a special nature and has given rise to particular interest in the sector in Poland and abroad.

This is due to the importance of the Sheraton Grand Kraków to the hotel services market here and Krakow being the most popular tourist destination in Poland. The need to ensure wholly unshaken relations with Starwood, owner of the Sheraton brand, was a complication typical of the hotel sector. 

DZP lawyers supporting Algonquin were: project leader Bartosz Marcinkowski, Partner, Marcin Kuliński, Senior Associate, Agata Iżyk, Associate (M&A and Corporate Practice), Magdalena Skowrońska, Partner, Paulina Armada-Rudnik, Associate (Capital Markets and Financial Institutions Practice), and Joanna Wierzejska, Tax Partner (Tax Practice).

DZP cooperated with the Belgian law firm Hirsch & Vanhaels.