Ghelamco sells Crowne Plaza and Holiday Inn Express hotels in the Warsaw Hub Complex

Greenberg Traurig advised Ghelamco on selling the Crowne Plaza and Holiday Inn Express hotels in The Warsaw HUB complex to the French real estate fund Corum XL, managed by Corum Asset Management.

The Warsaw Hub complex consists of two office buildings and one hotel and service building, connected by an underground shopping arcade and a parking deck. Last year, the office part of the complex was sold to Google.

The transaction was led by Local Partner Kamil Majewski, supported by Associate Jakub Gajzler and Junior Associate Maciej Smaczyński. The transactional team also included Associate Paulina Walczewska and Junior Associate Hanna Żaboklicka. Local Partner Justyna Szwech was responsible for negotiating the hotel lease agreement in the transaction.

Managing Partner and Head of the Real Estate Practice Jolanta Nowakowska-Zimoch provided strategic advice on the transaction.

“We are delighted to have advised Ghelamco on this complex sale transaction in such a significant business location in Warsaw. I believe that this transaction underlines the potential of the Polish hotel sector and its appeal to future investors attracted to the global hospitality industry,” said Jolanta Nowakowska-Zimoch, Managing Partner of Greenberg Traurig in Poland.

Ghelamco is a Belgian developer whose portfolio in Warsaw includes the Warsaw Spire complex, the Warsaw Unit building and projects such as the revitalization of the pre-war townhouses at 13 and 15 Foksal Street, and the Bridge and Vibe office buildings currently under development.