Echo sells the former Cracovia hotel

The building of the former Cracovia hotel in Krakow is sold. The Ministry of Culture bought it back from Echo Investment. In the future, the new owner plans to open a gallery of design and architecture in that place.

The sale contract was concluded in the registered office of the Ministry of Culture and National Heritage in the presence of prof. Piotr Gliński, Deputy Premier and Minister of Culture and National Heritage. The agreed value of the contract amounts to 29 million zlotys increased by the application of VAT.

 

Cracovia hotel became the property of Echo Investment in 2011. According to the plans of the company, the building is to be replaced by the office complex. Due to the listing of the part of Cracovia in the register of monuments, the restoration agreements were conducted. At the same time, the representatives of the National Museum proposed a purchase offer to Echo Investment.

 

The offer of the National Museum fitted the new business strategy of the company as well as the wide-ranging plan of socially-beneficial activities conducted by Echo Investment and Griffin Real Estate Group. The strategy of Echo is based on a quick rotation of the capital and it envisages the realization of large-scale investments. Moreover, the investing of the means gained from the exemption of Cracovia in other projects is to be much more effective for us. However, another important reason for sale of the building is the purpose for which it is to be intended. We believe that the providing the National Museum with the possibility of realizing the gallery of design and architecture is our contribution to the development of Krakow and the national culture. Additionally, it is another evidence that Echo is sensible to promotion of art and culture as well as saving of the monuments – says Mikołaj Martynuska, Managing Director of Echo Investment.

 


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