German real estate group Centralis has acquired the former Wyndham hotel at Breslauer Platz 2 and the former TRYP hotel at Domstrasse 10 in central Cologne from a French insurer for an undisclosed sum.

Centralis said it plans to convert the properties into 134 and 99 serviced apartments, respectively, and has appointed Apoprojekt to handle general planning and construction, with Bob W secured as the operator.

Fabian Vieregge, founder and CEO at Centralis, said: “This deal is a prime example of our proven acquisition and growth strategy. We are taking advantage of the current buyer’s market to secure properties in prime locations across Germany’s major cities, which we then transform into modern and sustainable hospitality products.

“In doing so, we leverage trusted partnerships with leading digital hospitality operators and proven experts in the revitalisation of existing buildings, as well as our own in-house development and conversion expertise. This enables us to create sustainably repositioned, future-proof properties that generate long-term value for investors, operators, guests and cities alike.”

Felix Lorenz, head of investment at Centralis, said: “Throughout a lengthy acquisition process, we demonstrated our ability to assess complex projects across teams – from analysing the existing asset and its potential through to the fully planned transformation – and to progressively incorporate each element into the process through to closing. This also makes us a reliable partner for sellers looking to navigate this part of the process together with us.”

Herman de Beer, real estate VP at Bob W, said: “Cologne is one of the most sought-after hospitality markets in Europe, and this location directly by the city’s most prominent landmark – Cologne Cathedral – is simply unique.

“In such a strong location, and with an experienced partner like Centralis, we can implement our business model perfectly. Germany and the wider DACH region are a clear priority for us, and Cologne is one of several openings we have planned.”

Nina Grauting, branch manager Düsseldorf at Apoprojekt: “We know and value Centralis as a reliable partner for complex urban transformation projects. This renewed mandate reflects the trust we have built through our successful collaboration.”  

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