Commerz Real has acquired a Star Inn branded hotel project in Heidelberg from a development joint venture for an undisclosed sum.
The 14,600 m2 scheme, centrally located near the main railway station in Heidelberg, was purchased from project developer S.I.E. Soini Immobilienentwicklung and Hamburg-based Peter Möhrle Holding.
It will deliver 300 rooms and 94 parking spaces when it opens in 2018. A lease agreement for 20 years plus an extension option has been inked with the German subsidiary of Austria’s Star Inn Hotels group. Commerz Real will add the hotel to its open-ended real estate fund hausInvest.
'Heidelberg is both an established tourist destination and a burgeoning congress location,' commented Robert Bambach, board member at Commerz Real, responsible for real estate transactions. 'The combination of a premium hotel and boarding house not only satisfies local demand in an excellent manner, but also contributes to the diversification of our portfolio,' he added.
Star Inn Hotels Deutschland is part of Garai Holding, founded in 2004 by Paul Garai, a former managing director of Accor. The group currently operates 16 hotels in Germany and Austria with around 2,200 rooms in the three star and three star premium segments. Three additional hotels with a total of around 500 rooms are currently under construction and will be opened through 2018, including the complex in Heidelberg.
