The fund, with a group of investors, bought the walls of upscale establishment for nearly € 38 million.
Algonquin announced having acquired the Sheraton Krakow hotel, with a group of investors, for nearly 38 million euro. The upscale hotel will continue to be managed by Starwood Hotels & Resorts, under the Sheraton brand.This is the French fund's first acquisition in Central Europe. "This new acquisition is a major step in the history of the group, which shows Algonquin's capacity to structure complex transactions in distant markets. Most of the co-investors who will participate in this venture have already had the opportunity to join us in preceding operations, which is a proof of confidence in our team", says Jean-Philippe Chomette, founder and president of Algonquin. Having opened in the second biggest city in Poland in 2004, the Sheraton Krakow has 232 rooms, a restaurant, bars, meeting space and leisure facilities (pool, sauna, fitness center). It brings the number of hotels in Algonquin's portfolio to 32, for 4,500 rooms.
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