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SHERATON HOTEL KRAKOW SOLD TO QUINN GROUP BY MOLINARO KOGER
The 232-bedroom Sheraton Hotel Krakow has been sold by hotel real estate specialist, Molinaro Koger, acting on behalf of Besix Nederpol, PKO Bank, Warta and Starwood, to the Irish-based Quinn Group. The hotel opened in April 2004 as a new development and was the city's first five star property. It will continue to be managed by Starwood under the Sheraton brand. The Quinn Group has existing properties in the Czech Republic, Bulgaria, Ireland and the UK.
"We are delighted to have successfully concluded this significant transaction and to have secured a notable return for our clients, while providing Quinn Group with an exceptional opportunity to build on their investment," says Eric Kudlak, managing director, Europe, Molinaro Koger.
As well as being considered the jewel of the Polish tourist market, Krakow, Poland's second city, is one of Eastern Europe's most dynamic business centres and rapidly becoming a preferred alternative to Warsaw for head office locations of major international firms and foreign investment. A member of the EU, Poland is regarded as a reliable environment for international business with an economy that is set to maintain a strong growth rate for the foreseeable future.
"The city is only just beginning to achieve its potential as one of the region's leading commercial and tourism centres. Performance figures to date, indicate that the Sheraton Hotel Krakow has outperformed the general hotel market in terms of occupancy and rate and continues to gain momentum. As the central Krakow hotel market is not expecting substantial additions in terms of competitive supply, the Sheraton's combination of strong brand and location is likely to result in improving occupancy and rate levels," says Mr Kudlak.
The Sheraton Hotel Krakow is in a central location, on the banks of the River Wisle, within walking distance of the city's famous market square and Wawel Castle. It has two restaurants and two bars, 500 metres square of meeting space, a health club with an indoor swimming pool, gym and sauna. It also has car parking on-site.
The Sheraton Hotel Krakow is the second major hotel transaction concluded in this region by Molinaro Koger in 12 months. In August 2005, the company brokered the €127.5 million Walton Street Capital's and Merrill Lynch's acquisition of the Prague Marriott Hotel.
For further information, please contact:
Caroline Murdoch
Redworks PR
Telephone : +44 1869 810 443
Email : caroline@redworks.co.uk
Eric Kudlak
Molinaro Koger
Telephone : +44 1869 810 443
Email : ekudlak@mkhotels.com
Quinn Group
With its head office in Ireland the Quinn Group is a multinational organization with substantial interests in a range of diverse industry sectors throughout Central and Western Europe including financial services, hotel & property management, cement production and the manufacture of related concrete products. It is a market leader in Ireland and the UK in the production of container glass products for the drinks and food trade and is a major provider of building insulation products. It is also a market leader on a European wide basis in the supply of heating radiators and also for the production of industrial and domestic plastics. In line with its mission of ongoing diversification the Group is now substantially extending its commercial property portfolio in Russia and the CIS. Its portfolio already includes both revenue generating and development projects in a range of commercial sectors including: hotel, office, retail and logistics & warehousing. Having managed the construction of some of the most modern manufacturing facilities across Europe, the Group has significant experience in the building of large scale industrial units.
Molinaro Koger
Molinaro Koger was founded in 1959 to provide specialised hotel real estate advisory services to the industry. Working exclusively in the hotel sector, the Washington DC-based company is one of the top three hotel real estate companies in the US, with 11 offices in the USA, Beijing, London and Shanghai. Recent assignments in Europe include the Great Eastern Hotel, London; Prague Marriott; Forte Village in Sardinia; and various properties in the UK, France, Portugal and Poland..
Starwood
Starwood is one of the world's largest hotel and leisure companies. Starwood brand names include St. Regis, The Luxury Collection, Sheraton, Westin, W, Four Points by Sheraton and recently added Le Meridien. Sheraton is one of Starwood's flagship brands and contains quality-tier, full-service hotels, resorts and suites, which provide consistent, dependable and genuinely caring experiences to guests via 400 Sheraton Hotels in over 70 countries.
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