Union Investment acquires Holiday Inn Warsaw City Centre

German fund Union Investment  has signed a Forward Purchase Agreement with Austrian UBM Development AG for the acquisition of the Holiday Inn Warsaw City Centre hotel, a press release reported. UBM will construct the hotel on Twarda street in Warsaw by the first quarter of 2018 and operate it for the next 20 years. The transaction is to be completed once the building is delivered. Construction work is to be launched in the first quarter of 2016 and is scheduled to last 22 months. The hotel will feature 254 rooms, a restaurant and conference rooms.