Capital Park starts development of Hampton hotel in June

Polish developer Capital Park signed a lease with VHM Hotel Management for a property at ul. Piwna and ul. Długa in Gdańsk. VHM will operate a Hampton by Hilton hotel there starting 2017, pursuant to a franchise deal with Hilton Worldwide. Construction is to be launched in June and take 22 months, the developer informed. Investment expenditures will stand at PLN 50 million, the value of the investment after the reconstruction is estimated at €16 million, around PLN 72 million. VHM Hotel Management will be the operator of the 8,000-sqm property, which encompasses eight tenement houses. The deal has been signed for 20 years. The general constructor is currently being selected.