Poland Ghelamco sells Warsaw Hub hotel tower

The hotel tower at Rondo Daszyńskiego is the third and final building sold of Ghelamco’s Warsaw Hub development. The Paris-based Corum XL fund, with app EUR 2 bln in AUM, has become the owner of a 21-storey tower with a total area of 21,000 sqm, which is managed by IHG Hotels & Resorts and houses the 212-room Crowne Plaza and 218-room Holiday Inn Express hotels.

The building also features the Nova Wola restaurant, Signature Bar in the lobby, The Roof skybar on the 21st floor, a gym, a sauna as well as a 1,400 sqm conference centre with 30 rooms.

The sale of the hotel tower is a key milestone for us, closing a huge project that involved developing and commercialising The Warsaw Hub complex. The building has since become an integral part of Warsaw's landscape. The Crowne Plaza and Holiday Inn Express operating there enjoy a strong reputation and high occupancy all year round. At the same time, it is the only hotel in the Rondo Daszyńskiego area, which is, after all, the most important place on the business map of Warsaw.
Jarosław Zagórski, the managing director of Ghelamco Poland

Our fund is continuing its expansion in strategic locations in Europe. Securing an iconic building in a proven location, coupled with a strong hotel performance, is an exceptional addition that complements Corum XL's portfolio well.
Melanie Ballu, the nvestment director of Corum Asset Management

The transaction concerned the hotel tower building, while Ghelamco remains the owner of the hotels. Last March, the developer sold the office part of The Warsaw Hub to key tenant Google for EUR 580 mln - a record for the Polish office real estate market. As a result of the deal, the digital giant became the owner of the two office towers and the convenience centre in the underground section of the complex.

Ghelamco was advised during the transaction by Greenberg Traurig, RymarzZdort, MDDP, Cushman & Wakefield and CBRE, while Corum XL was advised by Hogan Lovells and Gleeds.