German investment giant Commerz Real has acquired a hotel project in Lübeck through its Luxembourg-based Commerz Real Institutional European Hotel Fund from the project developer GBI.
Financial details were not disclosed.
The property is due to be constructed near the city's central railway station, targeting completion and launch in 2023. It will be operated under the Intercity Hotel brand of Steigenberger Hotels under a 20 year lease agreement.
Dirk Schuldes, global head of hospitality at Commerz Real said: 'Hotels in tourist magnets such as Lübeck will post a rapid increase in the number of overnight stays once the pandemic has abated.
'Inasmuch, the opening in 2023 will be taking place at just the right point in time.'
The construction plot has been derelict for more than 20 years, according to Commerz Real, so the hotel developement will enhance the quarter as a whole.
The completed hotel will comrpise 176 rooms plus a restaurant, bar and conference rooms, across 8,500 m2 of gross floor area. The building will climb to five storeys and boast interiors and fixtures by Italian designer Matteo Thun.
The acquisition marks the fourth purchase for the open-ended special alternative investment vehicle Commerz Real Institutional European Hotel Fund.
The fund has recently acquired two Intercity hotel projects in the Netherlands, including a 115-room property in Leiden and a 174-room structure in Breda.
The fund invests in risk-diversified European hotel properties for professional and semi-professional investors in cooperation with Deutsche Hospitality, the umbrella brand of Steigenberger Hotels.
Commerz Real was advised on the transaction by the law firms Taylor Wessing (legal matters) and Baker Tilly (tax).
