Real IS, the real estate arm of Bavarian savings bank BayernLB, bas purchased a boutique hotel in Hamburg for its real estate special alternative investment fund (AIF) BGV VI from Patrizia Immobilien.
Financial details were not disclosed.
The 8,000 m2 asset, located on the Stadthausbrücke, is currently being converted into a boutique and design hotel. The comprehensive refurbishment of the former publishing house will be completed in August 2018, creating 290 rooms over six floors, plus 78 parking spaces in the neighbouring building.
'The Ruby Hotel is exceptional in terms of its central prime location and its successful hotel concept in one of the top tourist spots,' commented Jochen Schenk, member of Real IS’s management board.
“With its many tourist attractions, offerings and cultural highlights, Hamburg is one of the big favourites with tourists coming to Germany. Not least because of cruise tourism and the Elbphilharmonie concert hall as its new landmark, Hamburg will remain attractive in the future as well.'
The long-term operator of the hotel will be Ruby Hotels & Resorts. With new locations planned in Hamburg, Frankfurt am Main and Düsseldorf, Ruby is already established with its boutique hotel concept in Vienna and Munich distinguished by fully automated management, reservation and procurement processes. Checking in and out is completed entirely online.
'Based on the operator’s innovative and tried-and-tested concept, the hotel will offer high quality rooms at a fair price and modern booking options which appeal to a broad target group,' Schenk added.
Up until the end of October 2017, Hamburg registered 11.7 million overnight stays, reflecting an increase of 4.1% compared with the year-earlier period, said Real IS.
GSK Stockmann advised Real IS on legal matters, while Drees & Sommer advised on technical aspects.
BNP Paribas Real Estate acted as property advisor. The seller’s legal advisor was Arnecke Sibeth.
