Commerz Real has acquired a hotel project development in the heart of the Free Hanseatic City of Hamburg for its open-ended real estate fund hausInvest. An Adina Apartment Hotel, which will offer 202 guestrooms on eight floors, 35 underground parking spaces and some 11,300 square meters of gross floor area, is being constructed on the plot of land formerly occupied by “Der Spiegel” on Willy-Brandt-Strasse. The seller is HOCHTIEF Projektentwicklung GmbH. The completion of the hotel, for which Adina has concluded a long-term lease agreement with the option of an extension, is planned for the third quarter of 2017. The total investment volume for the purchase of the land and the construction of the property, for which planning permission is still to be granted, amounts to approximately 50 million euros.
“With the acquisition of the ‘Adina Apartment Hotel’ project in a central downtown location we are investing in a contemporary hotel project for hausInvest, in one of the most attractive travel destinations in Europe – and in one of Germany’s most stable hotel markets. In conjunction with the long-term lease to a respected operator, this property will generate a sustainable contribution to earnings for hausInvest,” says Robert Bambach, the member of the Management Board of Commerz Real AG responsible for real estate transactions. “Furthermore, with this acquisition we are contributing to further diversification of the hausInvest portfolio, which now encompasses eight hotels in various categories throughout Europe.”
The new hotel in the Central Hamburg district is part of the “Hamburg Heights” development, which the seller is erecting on the land formerly occupied by “Der Spiegel” in the immediate vicinity of the old warehouse district and which links the city centre and the HafenCity quarter. While two existing high-rise office buildings (“Height 1” and “Height 2”) are intended for revitalisation, three others – the purchased property “Height 3”, as well as “Height 4” and “Height 5” – will be newly constructed. The hotel will be constructed using reinforced concrete, will have an optically appealing glass façade, and be equipped with modern facilities such as conference and gastronomy areas, as well as a fitness centre, sauna and swimming pool. The area is ideally developed for both private and local public transport, with motorway access, as well as bus stops and underground railway stations, in the immediate vicinity.
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Photo information: Rendering of the Adina Apartment Hotel project in Hamburg (planning state as of May 2015)
