Union Investment Real Estate has acquired 600 hotel rooms under development in Hamburg for €90 mln.
The transaction took the form of the first forward deal for Austrian developer UBM on behalf of its long-term pipeline.
The deal involves two hotel developments on the one site. Completion is planned for the third quarter of 2019.
UBM subsidiary Münchner Grund, in cooperation with the Munich Hotel Projekt, a subsidiary of Lambert Immobilien, will build two adjoining hotels under the brands Holiday Inn and Super 8 by summer 2019 on a 3,760 m2 plot on Hamburg's Eiffestraße. Both developments have a total gross floor area above ground of 20,700 m2.
Leasing agreements with a 20-year term have already been signed for the hotels in May 2017, located not far from the Berliner Tor and in the heart of Hamburg-Borgfelde.
One of the new constructions will comprise 316 rooms and be operated by Primestar Hospitality as a Holiday Inn Hotel. GS Star will establish a Super 8 Hotel in the project with 276 rooms.
Union Investment will incorporate the Holiday Inn Hotel into the public real estate fund UniImmo: Deutschland and the Super 8 Hotel into the special fund UII Hotel Nr. 1.
Image: Hamburg
