French REIT Foncière des Régions is joining forces with German hotel operator Meininger Hotels to develop a new hotel near the Olympic Park in Munich.
French REIT Foncière des Régions is joining forces with German hotel operator Meininger Hotels to develop a new hotel near the Olympic Park in Munich.
The hotel - the first joint project of Foncière des Régions and Meininger following the launch of a strategic partnership in December 2014 - will feature 173 rooms and 820 beds on seven floors.
The 12,400 m2 property, which is being acquired by FdR's Foncière des Murs subsidiary from Alstria Office REIT for €29.5 mln, will be located in a former office building to be converted to hotel accommodation.
Meininger will lease the hotel, to be known as Meininger Hotel Munich Olympic Park, for an initial term of 20 years. The opening is set for the end of 2017.
'This agreement launches the pan-European partnership between Foncière des Régions and Meininger,' commented Dominique Ozanne, CEO Hotels & Hospitality Management of Foncière des Régions.
Navneet Bali, CEO of Meininger Hotels, added: 'Munich is one of our most successful markets and the planned hotel will be a great addition to our growing portfolio.'
Foncière des Régions signed a €400 mln strategic investment partnership with Meininger Hotels last December to support the hotel brand's expansion across Europe.
FdR, through its 28%-owned unit Foncière des Murs, formed a commercial partnership under which Meininger will source assets to be acquired by FdR and leased to Meininger itself.
Target cities include Amsterdam, Barcelona, Brussels, Berlin, Geneva, Hamburg, Frankfurt, London, Madrid, Milan, Munich, Paris, Rome, Vienna and Zurich.