Rapid development
Vienna-based real-estate developer Warimpex saw a 50-percent increase in revenues year-on-year, which amounted to E35.4 (zł.135.4) million for the first six months of 2007. "The dynamic development witnessed in the first half of 2007 demonstrates that we have been working towards this goal resolutely," said Georg Folian, vice president of Warimpex's management board.
Profits however, slumped by 41 percent y-o-y, to E5.5 (zł.21) million, which the company attributed to its large number of investments. The company's portfolio includes 13 hotels and seven office buildings, and will soon expand after the completion of an additional nine hotels currently under construction in several European countries. Earlier this year Warimpex acquired a further 16.67 percent of shares in the holding company of the Intercontinental Hotel in Warsaw and now holds a 50-percent stake in the hotel. The company also opened an Andel's Hotel in Kraków in June and will open another in Łód next year.
"We are determined to use the potential of the CEE countries in terms of hotel development. Today in Poland there are 33 hotel rooms per 10,000 inhabitants, while in France and Germany there are three times more rooms available," said Folian.
Currently Warimpex is creating a joint venture with Louvre Hotels, which is to develop a budget-hotel chain. The first stage of the project includes the construction of seven hotels. According to the contract Warimpex is to build a total of 30 hotels.
"Warimpex's plans for the near future are achievable, considering the fact that the Polish hotel market is among the least developed in the EU," said Bartłomiej Sosna, construction market analyst at PMR Publications. "I believe Poland is about to enjoy a few years of enormous growth," he added.
Warimpex is currently awaiting approval from city authorities for its request to transform two historical buildings on ul. Próna into a five-star La Palais hotel.
