Hotelier targets Toyota-driving execs, eschews BMW biggiesa
Qubus Hotel, which operates a hotel under the same name in the western town of Zielona Gora, plans to invest at least zl. 200 million ($51.3 million) over five years to develop inns that it calls "four-star hotels at three-star prices," said Steffen Okland, general manager of Qubus Hotel Polska. "Zielona Gora was our test project," Okland said.
Qubus started investing in Zielona Gora accidentally - because of family relations and the proximity of the German market, where its Norwegian investors were looking at other projects, Okland said.
So far, Poland has proved a worthwhile accident. "It's very much to our expectations and that's the reason why we want to continue," Oakland said.
As part of its expansion plans, Qubus has acquired properties in central locations in nine cities in addition to Zielona Gora, Okland said. At its 10th site in the western town of Gorzow Wielkopolski, Qubus is already developing a hotel that is slated for completion in 2000. The company also plans to develop a hotel in Warsaw by the end of 2001 and one in Krakow by an as-yet unspecified date, Okland said. He would not name the other cities where Qubus acquired properties.
Qubus Hotel, which is not part of a global hotel chain, is hoping to target traveling business people, but not top executives, with its mid-priced inns. "We don't target top executives because they don't come to Zielona Gora," Okland said.
Qubus sees big potential among businessmen traveling around Poland on sales calls, for example. "There are more people driving a Toyota than a Mercedes," Okland said.
Qubus expects that the majority of its customers will be Polish nationals. Currently 50% of the guests at the Qubus Hotel in Zielona Gora, which has 56 rooms, are Polish. "We expect this figure to increase," Okland said.
Rates at the Qubus Hotel in Zielona Gora start at zl. 263 a night for a single and zl. 328, or larger doubles at zl. 372. But the prices in other hotels will depend on the city they are in, Okland said. Also, the size of the hotels Qubus wants to develop will depend on the location. In Gorzow, Qubus is planning for 89 rooms and in Warsaw 250 rooms.
Powisle power
Despite its proximity to Warsaw's center, the Powisle district, located between downtown and the riverfront, is traditionally a residential area and has attracted little commercial development.
"It does have creation pluses," said Nigel Wade, an agent with Henry Butcher. "It's very close to the center; it's walking distance to the center."
So far, though, that hasn't lured developers. Existing modern space includes two buildings constructed by local developer Solec. One is leased by Nationale Nederlanden and the other still has 2,000 square meters available, according to Konrad Laszczak, an agent with Unikat, which is representing Solec.
But that could soon change with the Nordic Park going up and more developments in the pipeline. The 7,800 square meter Nordic is being built by Norwegian developer Pol Nordic Group. Wade believes it could catalyze more business developments in the same way that the construction of the Atrium buildings on ulica Jana Pawla have spurred building in that area. "It (Nordic Park) could substantially change the area," he said.
The change is slow in getting off the ground, though. Construction on Nordic Park, initially slated for completion in January 1999, was delayed and won't be completed until September. Alexander Rogerson, marketing manager with Pol Nordic Group, wouldn't comment on the reasons for the delay.
But some property sources believe the developer had problems closing on bank financing for the project.
That hiccup aside, property agents said Nordic Park should find tenants as it carries suburban rents in a location near the city center. The building will carry monthly rent of $38-$39 per square meter, which will include common space and service charges, Anderson said.
The development hasn't signed up any tenants yet, but 20% of the space is already under final negotiations with unnamed tenants, he added.
Once Nordic Park gets up and running, agents expect to see more activity in the area due to its location, light traffic congestion and high ratio of park area.
"The beauty about this is that there is a lot of green," said Ricky Aboo, an agent with Healey & Baker representing Nordic Park. "There is going to be more development in the area."
One project in the pipeline is a planned development by Mostostal Export on a site that formerly hosted a circus. Mostostal wouldn't comment on the project beyond confirming that it is in the planning stage.
New name
South African multiplex cinema operator Ster-Kinekor, which is developing eight theaters in Poland, announced last week that it would market its cinemas in Europe under the new name Ster Century.
Ster decided not use Ster Kinekor, the name of its South African holding company, because Europe is a new market and brand awareness of the old name is not high among European customers, Ster-Kinekor said in a statement.
"We needed a brand that would reflect our South African origin," said Mike Ross, director of Ster-Kinekor Europe. The company, however, will continue to use the name Ster-Kinekor Europe with reference to the London-based holding company.
Ster-Kinekor, the biggest cinema operator in South Africa with a 75% market share, has been developing eight cinemas in Poland. The first will be opened in the Promenada development in Warsaw this October.
Qubus started investing in Zielona Gora accidentally - because of family relations and the proximity of the German market, where its Norwegian investors were looking at other projects, Okland said.
So far, Poland has proved a worthwhile accident. "It's very much to our expectations and that's the reason why we want to continue," Oakland said.
As part of its expansion plans, Qubus has acquired properties in central locations in nine cities in addition to Zielona Gora, Okland said. At its 10th site in the western town of Gorzow Wielkopolski, Qubus is already developing a hotel that is slated for completion in 2000. The company also plans to develop a hotel in Warsaw by the end of 2001 and one in Krakow by an as-yet unspecified date, Okland said. He would not name the other cities where Qubus acquired properties.
Qubus Hotel, which is not part of a global hotel chain, is hoping to target traveling business people, but not top executives, with its mid-priced inns. "We don't target top executives because they don't come to Zielona Gora," Okland said.
Qubus sees big potential among businessmen traveling around Poland on sales calls, for example. "There are more people driving a Toyota than a Mercedes," Okland said.
Qubus expects that the majority of its customers will be Polish nationals. Currently 50% of the guests at the Qubus Hotel in Zielona Gora, which has 56 rooms, are Polish. "We expect this figure to increase," Okland said.
Rates at the Qubus Hotel in Zielona Gora start at zl. 263 a night for a single and zl. 328, or larger doubles at zl. 372. But the prices in other hotels will depend on the city they are in, Okland said. Also, the size of the hotels Qubus wants to develop will depend on the location. In Gorzow, Qubus is planning for 89 rooms and in Warsaw 250 rooms.
Powisle power
Despite its proximity to Warsaw's center, the Powisle district, located between downtown and the riverfront, is traditionally a residential area and has attracted little commercial development.
"It does have creation pluses," said Nigel Wade, an agent with Henry Butcher. "It's very close to the center; it's walking distance to the center."
So far, though, that hasn't lured developers. Existing modern space includes two buildings constructed by local developer Solec. One is leased by Nationale Nederlanden and the other still has 2,000 square meters available, according to Konrad Laszczak, an agent with Unikat, which is representing Solec.
But that could soon change with the Nordic Park going up and more developments in the pipeline. The 7,800 square meter Nordic is being built by Norwegian developer Pol Nordic Group. Wade believes it could catalyze more business developments in the same way that the construction of the Atrium buildings on ulica Jana Pawla have spurred building in that area. "It (Nordic Park) could substantially change the area," he said.
The change is slow in getting off the ground, though. Construction on Nordic Park, initially slated for completion in January 1999, was delayed and won't be completed until September. Alexander Rogerson, marketing manager with Pol Nordic Group, wouldn't comment on the reasons for the delay.
But some property sources believe the developer had problems closing on bank financing for the project.
That hiccup aside, property agents said Nordic Park should find tenants as it carries suburban rents in a location near the city center. The building will carry monthly rent of $38-$39 per square meter, which will include common space and service charges, Anderson said.
The development hasn't signed up any tenants yet, but 20% of the space is already under final negotiations with unnamed tenants, he added.
Once Nordic Park gets up and running, agents expect to see more activity in the area due to its location, light traffic congestion and high ratio of park area.
"The beauty about this is that there is a lot of green," said Ricky Aboo, an agent with Healey & Baker representing Nordic Park. "There is going to be more development in the area."
One project in the pipeline is a planned development by Mostostal Export on a site that formerly hosted a circus. Mostostal wouldn't comment on the project beyond confirming that it is in the planning stage.
New name
South African multiplex cinema operator Ster-Kinekor, which is developing eight theaters in Poland, announced last week that it would market its cinemas in Europe under the new name Ster Century.
Ster decided not use Ster Kinekor, the name of its South African holding company, because Europe is a new market and brand awareness of the old name is not high among European customers, Ster-Kinekor said in a statement.
"We needed a brand that would reflect our South African origin," said Mike Ross, director of Ster-Kinekor Europe. The company, however, will continue to use the name Ster-Kinekor Europe with reference to the London-based holding company.
Ster-Kinekor, the biggest cinema operator in South Africa with a 75% market share, has been developing eight cinemas in Poland. The first will be opened in the Promenada development in Warsaw this October.
