European hotel investor and operator Azure Hotels has bought back from Invesco the four-star Radisson Blu Hotel in Hamburg which it sold in 2009 for €155 mln.
European hotel investor and operator Azure Hotels has bought back from Invesco the four-star Radisson Blu Hotel in Hamburg which it sold in 2009 for €155 mln.
Financial details were not disclosed.
At 108 metres, the 27-storey property is the highest hotel in Hamburg and provides 556 rooms just 100 metres away from Dammtor railway station.
Azure has also agreed a 35-year lease extension with the City of Hamburg, the ground lease holder, as part of a deal which also enables the €194 mln renovation of the nearby Congress Center Hamburg and the surrounding area.
Azure Hotels said it is enabling the City of Hamburg to progress plans for a total refurbishment of the CCH by agreeing a reconfiguration of the public realm and parking areas around the hotel. The refurbishment, which is expected to be completed in 2019, will make CCH one of the largest convention centres in Europe, with 12,000 m2 of exhibition space, 12,000 m2 of foyer space and 12,000 seats in up to 50 halls.
Azure Hotels previously acquired the hotel in 2007, then sold it to Invesco in 2009 following a €57 mln refurbishment.
'This transaction marks Azure Hotels’ re-engagement with the city of Hamburg and represents an unusual opportunity to add value to an asset that we have previously refurbished and improved,' commented John Nielsen, Deputy CEO and head of operations for Azure Hotels.