Union Investment is buying Holiday Inn Warsaw City Center project from UBM. Construction of the hotel, which will be added to the investor’s UniImmo vehicle, is set to kick off in the first quarter of 2016. UBM expects to deliver the project in the first quarter of 2018 and will operate the hotel until 2038. With a forward purchase agreement having been signed, the transaction is expected to close upon completion of the hotel in 2018.
Located at Twarda street in Warsaw’s CBD, the 254-room hotel is expected to earn its a LEED “Gold” certificate. UBM originally planned to built an office building on the plot on Twarda street, but revised the project earlier this year. The transaction marks the third hotel Union Investment has acquired in Poland, as it already owns the Hilton in Warsaw and the Radisson Blu in Wroclaw.
