CMS has advised Bank Gospodarstwa Krajowego and Jedwabny & Brzozowska Legal has advised Polish family company Polcom Group on financing provided by the former to the latter for the construction of a Courtyard by Marriott hotel in Edinburgh. The value of the project is GBP 14 million.
The hotel in Edinburgh, which is co-owned by Polcom Group, officially opened on November 22, 2017. Ultimately it will be financed by three entities: Polcom Group, Fundusz Ekspansji Zagranicznej, and BGK, which provided 60 percent of the financing (GBP 8.5 million). Polcom and FEZ, managed by PFR TFI, will take up 51 percent and 49 percent of shares respectively. Polcom has announced a further investment that may exceed the value of GBP 120 million, meaning it will be the largest Polish investment in the UK.
The CMS Warsaw team advising BGK on the provision of financing for the project was headed by Counsel Tomasz Zwolinski and consisted of Senior Associate Jakub Rachwol and Trainee Advocate Maciej Dobrzelak, working in cooperation with the CMS Banking and Finance Team in Edinburgh.
The Jedwabny & Brzozowska Legal team advising the Polcom Group consisted of Partners Tomasz Jedwabny and Magdalena Brzozowska. Pinsent Mason Edinburgh was also involved for the Polcom Group with respect to security documents governed by English/Scottish law.
Image Source: hospitalitynet.org