On December 21, 2011 Echo Investment and Ravenna Warszawa sp. z o.o. signed a purchase and sale agreement concerning the Mercure hotel located at the junction of Jana Pawła II Avenue and Grzybowska Street in Warsaw.

The contract refers to a plot with an area of nearly 3,300 sqm including the building of the former Mercure Chopin Warsaw hotel located there, which finished its operations on December 15, 2011. The value of the agreement amounts to EUR 31 mln.

Echo Investment is planning to develop a modern office building on the plot. The investor has already got the final land development conditions decision concerning an office building with a height of 155 metres and an office space of approx. 50,000 sqm, which will also include an underground parking garage.

Work on its architectural concept is currently pending at the APA Kuryłowicz & Associates architectural studio. The result of this work will be presented at the beginning of next year.