German investor Commerz Real has acquired the Adina Apartment Hotel project in Hamburg from developer Hochtief Projektentwicklung.
German investor Commerz Real has acquired the Adina Apartment Hotel project in Hamburg from developer Hochtief Projektentwicklung.
The purchase was made for Commerz Real's hausInvest open-ended real estate fund.
The Adina hotel is located in the Hamburg-Altstadt district of the city. The 11,300 m2 property will offer 202 guestrooms on eight floors and 35 underground parking spaces on a plot of land formerly occupied by German newspaper Der Spiegel. The area is part of the future Hamburg Heights urban quarter, which includes the redevelopment of the Height1 and 2 Towers.
The four-star hotel will be operated by Adina under a long-term rental agreement.
Completion of the hotel is planned for the third quarter of 2017.
The total investment volume for the purchase of the land and the construction of the property amounts to €50 mln.
'With the acquisition of the ‘Adina Apartment Hotel’ project in a central downtown location we are investing in a contemporary hotel project for hausInvest. In conjunction with the long-term lease to a respected operator, this property will generate a sustainable contribution to earnings for hausInvest,' said Robert Bambach, member of the management board of Commerz Real responsible for real estate transactions.
'Furthermore, this acquisition helps to further diversify the hausInvest portfolio, which now encompasses eight hotels in various categories throughout Europe.'