The Regent Hotel in Warsaw has a new owner

The Regent Hotel in Warsaw has a new owner

The purchase of the Regent hotel in Warsaw has nothing to do with using the pandemic to take over hotel facilities, told PAP the president of the Polish Hotel Holding Gheorghe Marian Cristescu. He added that the transaction would be financed with the buyers' own funds and the loan.

The President recalled that last week the PHN PM company established by Polski Holding Hotelowy (100% of the State Treasury shares) and Polski Holding Nieruchomości (75% of the State Treasury shares) won the bidding for the takeover of the Regent Warsaw Hotel "I cannot provide the transaction value, but it was lower than PLN 145 million, appointed by the trustee in bankruptcy of the previous owner of the facility, i.e. Cosmar Polska. He noted that this company had already declared bankruptcy in 2018, and the decision to jointly participate in the auction of PHH and PHN was made in the first quarter of 2020 year, i.e. when no one has yet anticipated the economic effects of the COVID-19 pandemic. 

"Suggestions that have appeared in recent days, among others in social media, that PHH and PHN were using the pandemic to take over the facility for next to nothing are completely unfounded" - emphasized Cristescu. And he noted that "the purchase of the Regent hotel has nothing to do with the fake news reported by some pseudo-experts about the use of the pandemic to take over hotel facilities". He also called a lie that PHH had already bought the Lech hotel in Poznań and the Wieniawa hotel in Wrocław for next to nothing. The latter always belonged to the State Treasury and in 2019 it was transferred to PHH. On the other hand, when it comes to the Lech hotel in Poznań, the holding company does not know the facility, has never acquired it, and has no such plans. The president admitted that yes, 

When asked how much PHN PM would ultimately pay for the auctioned property, he indicated that this amount was lower than the trustee had expected, but it was a market price. He added that the value of the transaction will be announced at the latest on the date of signing the sales contract, i.e. on February 5, 2021. 

The president also said that the information that the funds for the purchase of the Regent hotel had been allocated by the Polish Development Fund were untrue. "The transaction will be financed from PHH and PHN's own funds and a bank loan," he indicated. He also emphasized that Polski Holding Hotelowy is treated like all other entities and, on the same terms as other entrepreneurs, including hotels, tries to benefit from the government's financial shield program. "We are counting on the fact that in the coming days PHH will receive financial support in the amount of PLN 12 to 15 million" - he stressed.

 

Cristescu said that the goal of Polski Holding Hotelowy is the consolidation and modern management of hotel facilities owned by the Treasury. Currently, 28 hotels belong to PHH. The holding's portfolio includes, among others three hotels located in the immediate vicinity of Chopin Airport - Renaissance Warsaw Airport Hotel, Courtyard by Marriott Warsaw Airport and Hampton by Hilton Warsaw Airport. The company also owns hotels located directly at the airports in Gdańsk, Katowice, Poznań and Rzeszów, i.e. Hampton by Hilton Gdańsk Airport, Moxy Katowice Airport, Moxy Poznań Airport and Holiday Inn Express Rzeszów Airport. PHH also owns the leisure and conference facility Best Western Hotel Jurata on the Hel Peninsula,

In 2019, Polski Holding Hotelowy acquired all the shares of PHH Hotele (formerly the Military Property Agency), in which there are 13 hotel facilities - Cassubia, Royal, Huzar, Reymont, Ikar, Iskra, Hetman, Kapitan, Rycerski, Kopernik, Belwederski, Mazowiecki and Wieniawa. At the same time, 2 companies were joined to the Capital Group: Gliwice Tourist Agency, which includes 2 hotel facilities - Zagroń and the Castle in Lesko, and the Provincial Tourist Services Company with Hotel Katowice. Within a few years, Polski Holding Hotelowy is to manage several dozen hotels. Cristescu told PAP that next year there will be around 50 such facilities. 

Polski Holding Nieruchomości is one of the largest commercial real estate entities in Poland in the office, retail and logistics sectors. The Group's portfolio includes approximately 153 properties with a value of PLN 3 billion, mainly in Warsaw and the largest regional cities, incl. in Poznań, Tricity, Łódź and Wrocław. PHN has been listed on the Warsaw Stock Exchange since February 13, 2013 (PAP).

author: Ewa Wesołowska

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