Tuesday, July 17, 2007

Warsaw-listed developer Warimpex buys hotel in Romania

WARSAW. JULY 17. INTERFAX CENTRAL EUROPE - Vienna-and Warsaw-listed
Austrian real-estate developer Warimpex bought 99.98% of shares in Airport Hotel Golden Tulip Sky Gate in Bucharest, Romania, the company said in a statement Tuesday.

"Warimpex bought 99.98% of shares from the majority investor, Romanian American Enterprise Fund, and two other shareholders who owned the hotel," the company said. "The parties decided not to disclose the sales price."

The hotel is the only international business class airport hotel in Bucharest, the company said. The hotel has 108 rooms and 3,000 square meters of office space that can be transformed into 70 additional hotel rooms.

The acquisition is Warimpex's first investment in Romania. Warimpex said in late May it plans to invest at least EUR 160 mln in the construction of five hotels in Central and Eastern Europe in 2007 and 2008. Before the Romanian acquisition, the company had 14 hotels with almost 3,000 rooms. The company has nine hotel projects under construction with some 2,000 rooms.
Warimpex's portfolio was valued by CB Richard Ellis at EUR 477.5 mln at the end of last year, up 61.3% from end-2005. As of end-March, the total value of Warimpex's assets was at EUR 409.7 mln.

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