Warimpex sells andel’s in Kraków to DEKA

Following its earlier announcements, Warimpex said today that it sold an andel’s design hotel in Kraków to German fund DEKA Immobilien.

Warimpex had been the  sole owner of the hotel since February 2008, and will lease it back under a 15-year fixed lease. The sale price will not be disclosed. Vienna International Hotelmanagement AG will continue to manage the hotel.

“The sale of the andel’s in Krakow brought us an excellent yield for the current market conditions, generated a net gain, and will continue to provide profit potential thanks to the lease structure,” says Franz Jurkowitsch, CEO of Warimpex, in a press release.

The four-star andel’s hotel in Krakow was opened as the first design hotel in Poland in May 2007. The project was realized as a 50:50 joint venture of Warimpex and UBM Realitätenentwicklung AG.

After the sale in Kraków and the sale of the andel’s in Prague in 2005, Warimpex still holds two further hotels of this brand in its portfolio with its recently opened establishments in Berlin and Łódź.

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