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Westin, Warsaw, Poland

CATEGORY
Investment deal of the year, CEE
The five-star Westin Hotel in Warsaw, managed by Marriott International, Inc., attractively located in the heart of the city center, provides nearly 21,300 sqm of usable area. It is the first hotel in Poland to comply with the demanding requirements for environmental certification for existing buildings, awarded with a LEED Silver for Existing Buildings: Operations and Maintenance certificate. The upscale Hotel Westin was built in 2003. It has a total of 361 rooms (of several types), a lobby, restaurant, bar, fitness center, and an Executive Club Lounge on the 19th floor. The hotel also offers two conference rooms on the first floor, and five on the second floor. The hotel’s lobby, restaurant,140 guestrooms on the hotel's top floors and the meeting rooms have been renovated. Westin Hotel in Warsaw is an excellent choice for the tourist, business and MICE sectors.
Name of the deal
Westin, Warsaw, Poland
The date of closing the deal
Q1 2017
Value of the transaction (in EUR)
EUR 56m
Yield
confidential
Seller, plus brief information about the company
Skanska is one of the world’s leading project development and construction companies, with an almost 130-year history. In Central and Eastern Europe the company operates in 10 cities located in four key real estate markets: Poland, the Czech Republic, Romania and Hungary. This year Skanska’s commercial development business in CEE celebrates the 30th anniversary of its operations in the region. With the largest presence in CEE among office developers, the company enjoys the trust of tenants and investors, who are willing to continue working together successfully, expanding their businesses in Skanska’s other office buildings. The company provides futureproof flexible office space tailored to the needs of modern companies, meeting the highest requirements of sustainable development, which is confirmed by their LEED certification and implementation of newest solutions such as WELL standard.
Consultancy which advised Seller
JLL acted as the exclusive agent to Skanska and Dentons acted as a legal advisor.
Purchaser, plus brief information about the company
Established in 1975, Al Sraiya Holding Group has built its core on the idea of “innovation”, earning its rank as one of the top in Qatar’s construction field. Offering a range of integrated services that cater to the infrastructural development of Qatar, the Group diversified itself through individual groups of companies (industrial, trading, engineering, hospitality and general services), each operating independently and specializing in its field of expertise. Following a tradition of corporate excellence throughout its operations, Al Sraiya emphasizes performance and exceeding customer expectations through innovation, efficiency and reliability. Moreover, its joint ventures with multinational companies further consolidate Al Sraiya Holding Group as a major player in the Qatari economy.
Consultancy which advised Purchaser
Linklaters acted as a legal advisor.
Financing institution
n/a
Current occupancy level
Not applicable
Please say why this deal should be considered for the award
Skanska has sold Westin, a five-star hotel in Warsaw, to Qatari investor, Al Sraiya Holding Group. This is a new working relationship that developer established with a Middle-Eastern investor. It is also the first hotel divestment Skanska has ever conducted on the Polish market, and as a result widened its transaction scope with this product. The Westin Hotel in Warsaw has been also awarded a LEED Silver certificate for Existing Buildings: Operations and Maintenance. It is the first hotel in Poland to comply with the high requirements for environmental certification for existing buildings.