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.

Virtual Roundtable

Post COVID-19: The New Guest Experience

Join Hotel Management’s Elaine Simon for our latest roundtable—Post COVID-19: The New Guest Experience. The experts on the panel will share how to inspire guest confidence that hotels are safe and clean and how to win back guest business.

“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.    

Suggested Articles

Gross operating profit per available room dropped to -$17.98 while total RevPAR dropped 92.9 percent to $17.39 for the month.

As businesses plan their back-to-work strategies, implementing a safe workplace is at the top of every executive’s mind.

The program provides enhanced processes and procedures including physical-distancing guidelines and heightened cleanliness standards.