The Sheraton Hotel Krakow in Poland has been sold to the Ireland-based Quinn Group for 45m euro (£30.3m, US$58m).

The 232-room hotel was sold by joint-owners Besix, Polish development company NDI SA, Polish bank PKO Bank Polski SA and New York-based Starwood Hotels & Resorts Worldwide.

Eric Kudlak, of real estate agent Molinaro Koger, which represented the vendors, said: “We are delighted to have successfully concluded this significant transaction and to have secured a notable return for our clients, while providing Quinn Group with an exceptional opportunity to build on their investment.

“Krakow is only just beginning to achieve its potential as one of the region’s leading commercial and tourism centres. As the central Krakow hotel market is not expecting substantial additions in terms of competitive supply, the Sheraton’s combination of strong brand and location is likely to result in improving occupancy and rate levels.”

Quinn Group was founded 30 years ago and owns nine hotels, nine public houses and a fitness club in the Czech Republic, Bulgaria, Ireland and the UK.

Starwood will continue to operate the property, which has two restaurants, two bars and a health club with an indoor swimming pool, a gym and a sauna.