Apex Alliance Acquires Hampton by Hilton Krakow Airport as 1 Asset Management Completes Airport Hotels Fund Cycle

Apex Alliance has acquired the Hampton by Hilton Krakow Airport from Airport Hotels Fund, a vehicle managed by 1 Asset Management, completing the Lithuanian fund manager's airport hotel investment strategy nearly a decade after its launch, the firm announced May 14.

The 173-room, 5,588-square-meter property — located 450 meters from the Kraków International Airport terminal — opened in 2022 and represents the second realized investment in the Airport Hotels Fund's portfolio. Financial terms of the acquisition were not disclosed.

Operating Performance Underpins the Disposition

The hotel delivered strong operating metrics in 2025, its most recent full year of operation. Average occupancy reached 87%, while the average room rate came in at nearly €99. Total annual revenue reached €6.286 million, while EBITDA came in at €2.2 million, reflecting the asset's stabilized cash flow profile ahead of the sale.

"This project is a clear example of how consistent development and professional management can create a high-quality, steadily income-generating asset in the hotel market. Having reached optimal operational metrics, we made the strategic decision to realize the investment and close the fund," said Alius Jakubėlis, head of 1 Asset Management.

Based on preliminary data, the investment is expected to generate approximately a 2.3x money multiple for fund investors, with an internal rate of return of around 14–15%. Fund manager Laurynas Antropikas noted that "given the challenges the project faced — such as the impact of the COVID-19 pandemic and rising interest rates — the results are truly solid, viewed positively, and in line with the fund's strategic objectives."

Apex Alliance Deepens Airport Hotel Portfolio

The buyer, Apex Alliance, currently manages 18 hotels, five of which are located near international airports. The Kraków acquisition extends the company's airport-segment concentration and creates operational synergies with its existing portfolio.

"We have been operating the Kraków hotel since its opening, so we have a clear view of its commercial potential both today and over the long term. This transaction is a logical step for us: we know the asset well, we see clear synergy with our other airport hotels, and we believe it will continue to grow in value," said Augustinas Barauskas, partner at Apex Alliance.

Apex Alliance and 1 Asset Management have collaborated across multiple airport hotel projects, including developments at Vilnius and Kraków airports. The two firms continue to work together on a hotel project at Riga Airport.

Fund Strategy Closes Out After Two Realized Investments

Airport Hotels Fund launched its investment strategy in 2017, developing three properties over the course of the fund's life: hotels adjacent to Vilnius Airport, Riga Airport, and Kraków Airport. The fund's thesis centered on structurally resilient demand near major transport hubs, where occupancy is less dependent on seasonal fluctuations and is supported by a mix of business and leisure travelers.

The Kraków sale follows 1 Asset Management's 2025 disposition of the Park Inn by Radisson Vilnius Airport Hotel & Conference Centre near Vilnius Airport — the fund's first realized investment. Together, the two exits complete the fund's full investment cycle. In 2025, the fund distributed €7.2 million in dividends to investors from the Kraków hotel project, aided by increased bank financing, and €2.65 million from the Riga airport hotel investment.

Kraków Airport is the second-largest airport in Poland, serving more than 9 million passengers per year. The airport's ongoing infrastructure development and growing passenger volumes provide a structural demand base for on-airport hospitality, according to 1 Asset Management.

About 1 Asset Management

1 Asset Management is a licensed investment fund management company regulated by the Bank of Lithuania. The firm manages assets exceeding approximately €750 million across more than 450 investors, with a focus on niche asset classes including student housing, airport-adjacent and historic hotels, veterinary clinics, forests, educational infrastructure, private debt in Central and Eastern Europe, and large-cap U.S.-listed equities.

In 2025, the company expanded internationally by establishing a presence in Luxembourg through the acquisition of a local management company, a move the firm said enables more flexible fund structures and broader access to global investment opportunities.

"Two successfully realized projects in different markets confirm that the chosen direction — investing in airport hotels — allows for value creation and attractive returns for investors even in a changing economic environment," Jakubėlis said.