German lenders Deutsche Hypothekenbank and HypoVereinsbank have expanded their loan portfolios with the grant of a €80 mln financing for Munich's Sofitel hotel.
German lenders Deutsche Hypothekenbank and HypoVereinsbank have expanded their loan portfolios with the grant of a €80 mln financing for Munich's Sofitel hotel.
The borrower is Hotel Bayerpost München & Co., a property fund of E&P Real Estate & Co. The investment company purchased the listed building which previously housed the Royal Bavarian Main Post Office in 2001 and converted it into a first-class hotel.
The five-star hotel offers 30,646 m2 of space across 396 rooms, including 57 suites and two restaurants, as well as 70 parking spaces.
'In the past 10 years the number of rooms in Munich increased by almost 50% while the number of nights spent in hotels increased by 77% in the same period. This clearly shows how highly frequented Munich is as a tourism and business destination,' commented explains Andreas Pohl, a member of the Management Board of Deutsche Hypo.
