Linklaters Warsaw has advised Austrian developer UBM Development AG on its EUR 38 million sale and lease-back of a new Holiday Inn hotel to an institutional investment fund managed by German Union Investment Real Estate GmbH. The buyer was advised by Greenberg Traurig from Poland.
The new hotel will have 240 rooms and is currently being developed directly on the water’s edge at the tip of the Granary Island (Wyspa Spichrzow) in Gdansk. According to Linklaters, "in this prominent location, the building will be visible from afar and is set to become an architectural icon. The hotel will feature a high-quality brick and aluminum facade, using modern architecture to blend in with the surrounding planning concept for the new Granary Island. This concept involves restoring and regenerating the island’s historic buildings while also adding new urban space to the site. In addition to its 240 rooms, the hotel will have a sky bar and fitness rooms located on the building’s roof terrace."
According to Linklaters, "there are also five conference rooms planned, covering 480 square meter of space, and 44 parking spaces in an underground car park. Gold LEED certification will be sought for the property. A new footbridge will ensure that Gdansk’s city center is easily accessible by foot for both business and leisure travelers."
Completion of the hotel and the transaction is scheduled for mid-2019. After the sale and lease-back, UBM will remain vendor and operator, while day-to-day management of the hotel will be handled by the InterContinental Hotels Group under the Holiday Inn brand.
Linklaters' team was led by Counsel Michal Miecinski with the support of, among others, Senior Associate Zuzanna Lipska, Associate Zaneta Rogon, and Junior Associate Malgorzata Jastrzebska.
The Greenberg Traurig team transaction was led by Partner Radomil Charzynski, supported by Local Partners Karol Brzoskowski and Magdalena Zyczkowska-Jozwiak and Associate Samanta Wenda-Uszynska.
Image Source: ihg.com