Patrizia Immobilien buys six German hotel projects

(Berlin at sunset)

Patrizia Immobilien has completed the purchase of six hotel developments in Berlin, Dortmund, Krefeld, Stuttgart, Heidelberg and Wuppertal. All of the hotels have been pre-rented to operators on 20-year leases. 

Five of the hotels were acquired from LIST Retail Development, a company of the LIST Group. All of the developments are due to be completed in 2017 and have been pre-rented to the B&B Hotel Group. The portfolio includes 500 guestrooms.

In a separate transaction, Patrizia also purchased a 100-guestroom hotel in Heidelberg from Hirotani Projektgesellschaft. The property has been pre-leased to the Meininger group for its first Heidelberg location. The chain’s portfolio includes locations in Berlin, Hamburg, Amsterdam, Copenhagen and London.

“These properties are in attractive micro-locations and have long-term rent contracts with successful and well experienced hotel brands. Furthermore, we were also able to identify and complete the acquisitions well ahead of their completion dates, securing the best possible value for our investors,” Douglas Waibel, associate director at Patrizia, told Property Magazine.