German lender pbb Deutsche Pfandbriefbank said on Wednesday that it is providing a €157 mln loan to developer Groß & Partner Group for the construction of The Spin, a hotel and office tower in Frankfurt's central Europa quarter.
Designed by renowned architect Hadi Teherani, the tower will provide 26,500 m2 of space, two-thirds of which will be used for hotel accommodation, under a 21-year lease to the German subsidiary of Spanish operator NH Hoteles.
The top 10 floors of the 32-storey building will be used as offices.
'Frankfurt has seen very strong increases in the numbers of business travellers, as well as tourists, over recent years,' commented Gerhard Meitinger, head of Real Estate Finance Germany at pbb. 'The location of the planned new building, in direct vicin-ity to the Messe and the central station is positive for a hotel, as well as for an office location, and an attractive alternative to the central business district.'
Nikolaus Bieber, managing partner at Groß & Partner, said: 'pbb has dealt with the challenges presented by the project in an outstanding fashion, and has provid-ed excellent support.'
