Warimpex worse than expected

Warimpex, a WSE-listed company and investor in the hotel sector has announced its results to be below expectations, says the company’s report. Warimpex’s financial results as of H1 2014 were noted in minus €10.8 million (H1 2013 was € -12.5 million). The company invested in luxury hotels in different markets, including Poland, Russia, Ukraine, the Czech Republic or Hungary. The planned alienation of hotels in Prague has been successful. Three hotels, Palace, Le Palais and Savoy, have been sold, the third one in 2013. Due to the Russian-Ukrainian crisis and weaker ruble, prices (in euro) of the hotel rooms in Russia have and the number of Russian and Ukrainian tourists in the Czech Republic’s Karlovy Vary has decreased. Warimpex plans to build a business building in Kraków and revitalize the one in Erzsebet, Hungary.