Warimpex and UBM Development AG developed the hotels as part of a 50/50 joint venture and now sold them at a price of around EUR 118 million. The transaction was first announced in August 2019 and was subject to the usual prerequisites for such transactions in France – in particular the positive outcome of the employee consultation process. These have now been fulfilled and the transaction was completed on 27 September.
The Dream Castle and Magic Circus hotels were jointly developed by Warimpex and UBM Development AG. Together, the two four-star hotels located near Disneyland® Paris have nearly 800 rooms and more than 1,200 square metres of conference space.
Both hotels have enjoyed very positive developments in recent years and have attracted high interest from investors, so it was the right time to sell our shares. Warimpex has been successful on the French market for many years and we are considering further projects in France for the future. We will primarily use the sales proceeds from this transaction to push forward with current development projects – such as our new hotel in Darmstadt, Germany, which will be revitalised next year while operations continue, or next office projects in Krakow, Białystok, and St. Petersburg.
You can find the full press release on the closed sale here.