A Hyatt Place hotel is scheduled to open in the first quarter of 2018 at the Frankfurt Airport in Germany.
Union Investment acquired the hotel site from seller, developer and lessee Europahotel Baufeld, part of the Feuring Group, through a forward purchase arrangement. The financial details of the transaction have remained under wraps.
According to Europe Real Estate, the completed hotel will be purchased by Union Investment for its open-ended retail real estate fund Unilmmo: Global. The Feuring Group will operate the hotel under a lease for the next 30 years under the Hyatt Place brand.
Construction of the 312-room hotel is slated to begin in the second quarter of this year.
Photo courtesy Union Investment