Europa Capital has sold the Radisson Collection hotel in Warsaw on behalf of its value add fund, Europa Fund V to Wenaas Hotels Europe A/S, part of Wenaasgruppen. The sale follows the comprehensive refurbishment of the property, which has been upgraded from a Radisson Blu to a five star Radisson Collection branded hotel, the first in Poland. The 311-room hotel will continue to be operated by Radisson Hospitality AB under an International Management Agreement.
“Having received very positive feedback from the market following the completion of the refurbishment and subsequent reopening of the hotel in June this year, we have agreed on this sale ahead of the business plan. We acquired the asset in 2017 having identified an opportunity to capitalise on Warsaw’s growing popularity as a destination for business travellers and tourists and, by leveraging our asset management expertise, have delivered excellent returns for our investors,” commented James Pennington, Director at Europa Capital.
“This is our second hotel transaction with Wenaasgruppen, having sold the Sobieski Hotel, Warsaw to them in 2011. We have been investing in all sectors of the real estate market in Poland for some twenty years and remain alive to opportunities here where GDP, employment and tourism growth are forecast to continue on an upward trajectory,” added Robert Martin, Partner at Europa Capital.
Europa Capital partnered with WX Management Services on this project. Europa Capital was advised by Dentons and JLL. SKS Legal acted for the buyer.