Invesco Real Estate has acquired a 327-bed hotel in Gdansk, Poland from Granaria Development Gdansk on behalf of a German client.
The acquisition of the seven-storey hotel located on Granary Island is the first time the client has diversified into the hotels sector. Built in 2024, The Cloud One Hotel Gdansk will be managed and operated by Motel One Group under a secured 25-year lease agreement.
Gdansk has continued to gain recognition as a popular tourist destination. In 2023, the number of overnight stays grew to over 3 million, a CAGR of around 7 per cent since 2012 - surpassing both Warsaw and Krakow, according to the CBRE Hotels Market Report Poland 2023.
What they said
Tomas Picha, senior director - investment management, CEE at Invesco Real Estate said: “The Cloud One Gdansk asset has a long lease with a highly attractive yield profile. As such, it represents a compelling investment for our German client while also building further on Invesco Real Estate’s specialist, long-term success in the European hotels sector.”
Michael Berchtold, director - fund management at Invesco Real Estate added: “The Cloud One Gdansk acquisition is a strategic move for our client as the property fits the mandate in terms of location, quality and tenant profile as it has an exceptional long lease with a strong tenant. The European hotels sector continues to recover post-Covid and offers excellent opportunities for investors on a select, disciplined basis. We continue to see demand from clients.”