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Mercure sold

Echo Investment bought a hotel in Warsaw. It will be taken down and a new office building will be erected in its place.

On December 21 the company Projekt Echo-70 (a subsidiary of Echo Investment) officially became the owner of the hotel Mercure on Jana Pawła II and Grzybowska crossroads in Warsaw. The building’s previous owner was Ravenna Warszawa.

The subject of acquisition is the right of perpetual usufruct of the 3.3 th sq m land lot along with property rights to the old hotel building. The contract amounts to 31 MM euro which equals 137 MM PLN. The financing for the purchase came form Echo Investment’s equity capital.

After the demolition of the old hotel Echo will start the construction of the new office building. The investor has already obtained a building regulation approval to erect a 155 m high building with the floor area ca. 50 th sq m and with a multi-level underground garage. APA Kuryłowicz & Associates are now working on the architectural concept for the building.

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