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DekaBank buys Warsaw’s landmark hotel


DekaBank, the central asset manager of the German Savings Bank Finance Group, has signed a preliminary agreement to buy Warsaw’s flagship InterContinental hotel from Warimpex and UBM of Austria for €103m. The deal, which is expected to be finalised by the end of 2012, is one of the largest hotel transactions on the Warsaw market in decades.

In a statement, DekaBank commented that "due to the stable economic climate, investing in Poland generates sustainable earnings and offers value creation potential". The five-star, 414-room hotel, which opened in 2003, will continue to be operated by the InterContinental Hotels Group.

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