Warimpex Finanz und Beteiligungs AG, the Austrian hotel developer selling assets, rose in Vienna and Warsaw after it agreed to sell a 50 percent stake in Munich’s Angelo hotel to its co-investor.
Warimpex rose as much as 4.4 percent, trading 3.6 percent higher at 1.01 euros by 1:42 p.m. in the Austrian capital with more than twice as many shares changing hands than the three-month average. The shares, which have risen by a third in the last three months, were heading to the highest level since April 30. They were up 2.7 percent at 4.21 zloty in Warsaw.
“Profitable asset sales are the key trigger for Warimpex,” said Christoph Thurnberger, an analyst at Raiffeisen Centrobank in Vienna, who rates Warimpex hold.
Warimpex agreed to sell its stake in Angelo, a 146-room design hotel that opened in 2008, to UBM Realitaetenenwicklung AG, which already owned half of it before, it said in a statement today. A development plot adjacent to the hotel is also part of the deal. Warimpex and UBM said they wouldn’t disclose the purchase price.