Two recent openings and five pipeline properties will double the portfolio of Australia- and Singapore-owned Adina Apartment Hotels in Europe, PropertyEU has learned, spearheading growth into the UK.
The speciality apartment hotel operator, which originated in Australia and is part of Toga Far East Hotels (TFE) has recently opened two new apartment hotels in Germany, in Frankfurt and Nuremberg, with funding from Deka Immobilien and Invesco Real Estate respectively.
'The extended-stay segment of the hotel market is an increasingly important one for investors who see the great potential for growth. Our investor partners have chosen Adina for our high-quality, ‘institutional grade’ schemes and strong brand which provides something a little different from the competition,' commented Andrew Hunter, Adina’s European director.
'The openings of our Frankfurt and Nuremburg projects are important milestones in Germany and they provide us with a strong foundation for further European growth, which will include an expansion into UK, providing further opportunity for institutional and private investment,' he added.
While the two new openings bring Adina's Germany-focused portfolio to nine properties, the company is also developing apart-hotels in Hamburg, Leipzig, Munich, Freiburg and Cologne which will increase its portfolio from 1,200 to over 2,000 rooms by 2019.
This would be followed by growth in the UK, Hunter said.
'As a result of our direct development experience and working in close partnership with developers, we get how they operate. As such, we have already been presented with a number of development opportunities in England and Scotland and look forward to announcing our plans in the near future,' he concluded.
The company's development partners currently include GBI, FREO Group and Hochtief, alongside its investor base.
