German developer ECE has sold its Motel One project at Vienna central station to Württembergische Immobilien, a subsidiary of insurer Württembergische Versicherung.
German developer ECE has sold its Motel One project at Vienna central station to Württembergische Immobilien, a subsidiary of insurer Württembergische Versicherung.
Hamburg-based ECE will remain responsible for the Holzbauer & Partner-designed project as general coordinating contractor and will complete the construction of the property by 2015.
Financial details were not disclosed.
Once complete, the 60-metre high Motel One building in Vienna will be leased to operator Motel One for at least 25 years. It will provide 533 rooms over 18 stories with an overground gross floor area of 17,500 m2.
Württembergische Immobilien will finance the project through a forward-funding process until its completion. HIH Hamburgische Immobilien Handlung will take over the asset management of the property.
The hotel is part of the broader Vienna Central Station redevelopment, one of Austria's largest infrastructure and urban development projects covering a size of 109 hectares. Besides Motel One, ECE is developing a modern office building with a rental area of 10,000 m2.
ECE has also been mandated by the Austrian Federal Railways (ÖBB) to carry out the planning optimisation, retail leasing and management of the BahnhofCity Wien Hauptbahnhof shopping centre, a 20,000 m2 mall scheduled to open in the fall of 2014.
