Union Investment buys land for Hyatt Place Hotel at Frankfurt Airport

Hyatt Place Frankfurt

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.

FREE DAILY NEWSLETTER

Like this story? Subscribe to IHIF!

The hospitality industry turns to IHIF International Hotel Investment News as the must-read source for investment and development coverage worldwide. Sign up today to get inside the deal with the latest transactions, openings, financing, and more delivered to your inbox and read on the go.

Construction of the 312-room hotel is slated to begin in the second quarter of this year.

Source: Europe Real Estate

Photo courtesy Union Investment

Suggested Articles

The transaction, expected to be consummated in the first half of 2020, is still subject to regulatory approval and other closing conditions.

The China-based conglomerate also acquired the iconic brand's IP assets as part of the £11 million deal, with the brand expected to live on online.

The sale is the latest step in Park's asset-light strategy.