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Jones Lang LaSalle's Hotels & Hospitality Group appointed to sell Sheraton Kraków and Hilton Sofia Hotels
London, 29th January 2013 - Jones Lang LaSalle's Hotels & Hospitality Group have been appointed as sole exclusive agent to offer for sale the freehold interests in the five star 232 guestroom Sheraton Kraków and the five star 245 guestroom Hilton Sofia; two of CEE’s finest hotel investment opportunities.
Angus Wade, Executive Vice President and Head of CEE Hotels at Jones Lang LaSalle said “We are delighted to offer for sale the Sheraton Kraków and Hilton Sofia - two of CEE’s finest hotel investment opportunities. Both hotels represent rare opportunities to acquire internationally branded, market leading five star hotels, benefitting from excellent brand affiliation with two of the world’s most successful hotel operators”.
“Kraków is a highly successful hotel operating market with a growing influx of shared services, technology and outsourcing companies continuing to fuel bed night demand. The success of the EU Presidency in late 2011, the UEFA Football Championships in June 2012 and the construction of a new convention centre (completion due in 2014), have all helped further elevate Kraków as a hotel investment location”.
“The Sofia hotel market is dominated by international, predominantly corporate visitation and has shown considerable signs of improvement of late. The market experienced RevPAR growth of 6.3% in 2011, primarily driven by improving occupancy rates throughout the city. Year to date RevPAR growth in the Sofia hotel market (to November 2012) stands at 3.8%, with further market growth anticipated in 2013 and beyond”.
Daniel Pugh, Vice President at Jones Lang LaSalle said “The Sheraton Kraków and Hilton Sofia are offered for sale with the benefit of long term management contracts with Starwood Hotels & Resorts and Hilton International respectively. They are anticipated to generate significant domestic, regional and international hotel investor interest, and we are therefore offering the hotels for sale on both an individual and portfolio basis”.
Located on the banks of the Wisła River and overlooking the historic Wawel Castle, the Sheraton Kraków is the city’s leading internationally branded five star hotel. A rare piece of freehold real estate, the hotel includes 232 guestrooms, restaurants, a sports bar, cocktail bar, a stunning roof top bar and extensive meeting and leisure facilities.
Piotr Piasecki, Associate Director, Jones Lang LaSalle, comments: “The hotel investment market in Poland is still maturing with the number of transactions closed annually increasing. The strong resilience of the Polish economy in recent years has had a major positive impact on investors’ sentiment towards the country. Additionally, the attractive yield spread to more mature markets and healthy indicators reported by the hotel sector itself, have generated a sound demand for this kind of asset. This sentiment has been underlined by the anticipated record year for tourism in 2012.”
Located at 1 Bulgaria Boulevard, at the border of the city centre and the affluent suburb of Lozenets, the Hilton Sofia is ideally positioned next to Sofia Congress Centre (NDK), City Centre Sofia and a newly opened Metro station. The freehold hotel, which is Sofia’s only Hilton, includes 245 guestrooms, restaurant, bar and extensive meeting room and leisure facilities.
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