The FINANCIAL — JLL’s Hotels & Hospitality group has successfully advised Skanska S.A. on the sale of the Westin Warsaw hotel, Poland, to the Qatari Al Sraiya Holding Group. The purchase price achieved for the hotel equates to EUR 56 million.
This is the first hotel acquisition by a Middle East investor in Poland.
The Westin Warsaw is one of the city’s well-established landmarks with a 21,289 sq.m of usable area. It comprises 361 guestrooms along with a restaurant, bar, spa, fitness centre, as well as conferencing and business facilities. The hotel was recently awarded the ‘Hospitality of the Year LEED Silver certificate’. It is the first hotel to have received the LEED certification in Poland, according to JLL.
Benefitting from its privileged location in the heart of Warsaw’s business district, the hotel provides excellent accessibility to a large number of international and domestic companies, large convention centres and tourism spots.
Patrick J. Saade, Executive Vice-President, European transactions in JLL’s Hotels & Hospitality Group commented: “We are seeing increased investor interest in the Central and Eastern European area mainly driven by the appealing tourism fundamentals, a higher yield than traditional markets and the availability of debt. Both the economic nature and the affiliation with the world’s largest hotel company made Westin Warsaw a strategic acquisition for the buyer.”
Amr El Nady, Senior Vice President of JLL’s Global Hotel Desk based in Dubai, added: “The transaction highlights the first hotel acquisition by a Middle East investor in Poland. It is yet another demonstration of the cross-border expertise our global platform can provide, in particular when investors are seeking alternative, smart options to the usual top tier markets”
Skanska Commercial Development Europe initiates and develops office property projects. The company’s operations are concentrated in the metropolitan areas of the Czech Republic, Hungary, Romania and Poland and are conducted in four local units: Skanska Property Czech Republic, Skanska Property Hungary, Skanska Romania and Skanska Property Poland.
Established in 1975, Al Sraiya Holding Group provides a diversified range of individual companies integrating services that cater to Qatar’s construction needs. Each individual group operates independently and specializes in its field of expertise. The Westin Warsaw will mark their 10th hotel investment in the world joining four in Qatar, three in London, one in Munich and one in Washington DC.