Warimpex to launch construction of 3 hotels in Poland at EUR 35-40mn in August.

By bne IntelliNews May 4, 2010
Austrian real-estate developer Warimpex will invest EUR 35-40mn to build three hotels in Poland , the company's management board's member Christian Foitl has said. Hotels construction will start in August. Foitl said that the company was preparing itself to launch the construction of the building in Katowice .  Four stars Angelo hotel in Katowice absorbed EUR 30mn. The investor's representatives expect that within the first year, the hotel would reach 50% of the vacancy rate. It is the ninth Warimpex hotel in Poland . In 2009, the company posted EUR 92.67mn of consolidated net loss vs. EUR 29.39mn loss a year earlier on the revenue EUR 85.26mn vs. EUR 94.37 respectively. ISB

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