Echo Investment and Ravenna Warszawa have signed a purchase and sale agreement concerning the former Mercure hotel building in central Warsaw. The value of the transaction, which concerns a 3,300-sqm plot and a building which housed the hotel, amounts to €31 million. Echo Investment is planning to demolish the former hotel building and develop a new office tower on the site. The scheme, for which the company has already obtained a planning decision, will stand 155 meters tall and comprise some 50,000 sqm of space.