Thai investor enters Central Europe
Warimpex Finanz- und Beteiligungs-Aktiengesellschaft has sold its hotel portfolio to the Thailand-based investor U City Public Co. for €180 million ($190 million).
The transaction includes eight hotel participations — two of which are 50 percent owned by UBM Development AG — which comprise approximately 50 percent of Warimpex's total real estate assets.
All of the hotels are operated by Vienna House, which will continue to be responsible for the management after the sale. In the Czech Republic, the sale includes the Vienna House Diplomat Prague and the Angelo by Vienna House Pilsen. In Poland, the portfolio includes Andel’s by Vienna House Lodz, Andel's by Vienna House Krakow (operating company), Vienna House Easy Chopin Krakow, Angelo by Vienna House Katowice (50 percent share), and Vienna House Amber Baltic Międzyzdroje. And in Romania, the firm has sold its interest in Angelo by Vienna House Bucharest.
“Since 2015, the transaction markets in CEE fo