Germany's Commerz Real invests in new Frankfurt hotel

In Germany, Düsseldorf-based Commerz Real has acquired a future hotel complex in Frankfurt-am-Main from local project development company Gold.Stein real estate. When complete, the 190-room hotel will be operated under the Novum brand. 

A lease agreement over 20 years has been signed with the Novum Hotel Group, including two additional five-year extension options for the operator. (Beyond that, the contract details will reportedly remain undisclosed.) 

After construction (Adolf Lupp GmbH + Co KG is general contractor), Commerz Real is planning to integrate the property into the public real estate fund HausInvest. The company organized the acquisition as an asset deal in the form of a forward funding.     

The Hamburg-based Novum Hotel Group operates 84 properties (including the Hotel am Hauptbahnhof München Außenansicht, pictured above) with more than 8,000 rooms throughout Europe. The quickly growing family-owned company’s revenue €100 million in 2015 and is projected to grow to €120 million by the end of 2016.