Linklaters has advised UBM Development AG, the leading Austrian developer, on the €38m forward sale of a new Holiday Inn hotel to an institutional investment fund managed by the German Union Investment Real Estate GmbH.
The new hotel will have 240 rooms and is currently being developed directly on the water’s edge at the tip of the historic Granary Island (Wyspa Spichrzów) in the old town of Gdansk.
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 aluminium façade, 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. There are also five conference rooms planned, covering 480 sq m 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 centre is easily accessible by foot for both business and leisure travellers.
Completion of the hotel and the transaction is scheduled for mid-2019. The vendor and operator is UBM Development, and day-to-day management of the hotel will be handled by the InterContinental Hotels Group (IHG) under the Holiday Inn brand.
Linklaters’ team advised UBM Development on all aspects of the transaction, including preparation and negotiations of transaction documents up till and including its signing. Linklaters’ Warsaw Real Estate legal team was led by Michal Miecinski (of counsel, real estate, in picture) with the support of, among others, Zuzanna Lipska (senior associate, real estate), Zaneta Rogon (associate, projects) and Malgorzata Jastrzebska (junior associate, real estate).
Law Firms: Linklaters;