The historic Hotel Europejski building in Warsaw will undergo thorough renovation that will launch in the first quarter of next year and cost approximately EUR65 million. The prestigious facility is expected to re-open for business in the first half of 2015.

The planned refurbishment of Hotel Europejski has become possible due to the securing of a new investor. Vera Michalski-Hoffmann, a Swiss citizen, has become a majority shareholder in the firm that owns the facility.

Through a Swiss entity called Takami Holding, the investor has acquired a 66-percent stake in the firm. The remaining 34 percent remains in the hands of the heirs of the families that established the hotel.

Takami Holding will cover approximately one-third of the renovation cost, while the remaining two thirds will come from outside sources, Joseph Hannah, managing director of Hotel Europejski, said in a statement.

“We already have all the documents that are needed to carry out this undertaking. We are planning to launch construction in the first quarter of next year and we expect the hotel to again open its doors in the first half of 2015,” Mr Hannah added.

The renovation project, which has been accepted by Warsaw’s historic-buildings preservation authorities and for which a building permit has already been granted, was designed by the Sud Architectes studio. The refurbished building will comprise approximately 100 hotel rooms, operated by Raffles Hotels & Resorts, as well as luxury boutiques and 6,500 sqm of class-A office space.

The portfolio of the Raffles Hotel & Resorts brand currently comprises eight luxury facilities in locations including Singapore, Dubai and Paris. Hotel Europejski, which the investors intend to make the most luxurious hospitality project in Poland, will be the brand’s second hotel in Europe.