Griffin (a real estate investor focusing on Central and Eastern Europe) and Starwood may be forming a joint venture with Skanska to take over the Westin hotel in Warsaw. The three companies are currently waiting for the consent of the European Commission for the deal.
The move, Eurobuild reports, represents a continuation of the transformation of the ownership structure of the hotel. Following the acquisition of full control of the owner of the building, Hotel Atrium SPV, by Skanska Central Europe Holding in 2014, the company has now invited Griffin and Starwood to become partners in its ownership.
According to PropertyNews.pl, the application was presented to the European Commission at the end of October. The decision may not come back until December.
The Westin Warsaw was completed in 2003 at an estimated cost of €80 million.