Warimpex Finanz- und Beteiligungs AG closed the sale of a portfolio of eight hotels to Thai company U City Public Co. Ltd.
The €180 million transaction comprises half of the company's total real estate asset value and includes two hotels that are 50% owned by UBM Development AG. The purchase price was in line with recent valuation opinions by independent property appraisers, according to a release.
The sold hotels consist of the Vienna House Diplomat Prague and the angelo by Vienna House Plzen in the Czech Republic; andel's by Vienna House Lódz, andel's by Vienna House Krakow, Vienna House Easy Chopin Krakow, angelo by Vienna House Katowice, and Vienna House Amber Baltic Miedzyzdroje in Poland; and the angelo by Vienna House Bucharest in Romania.
Vienna House will continue to manage the hotels, following the sale.