BNP PARIBAS REIM ACQUIRES FOR ONE OF ITS FUNDS, A 10,000 SQM HOTEL NEW-BUILD IN HAMBURG-ALTONA
© Odyssey Hotel Group GmbH
BNP Paribas Real Estate Investment Management (BNP Paribas REIM) has acquired, on behalf of one of its funds, a hotel new-build in the Hamburg-Altona district. The property encompasses over 10,000 sqm and features 220 modern hotel rooms and 44 apartments operated by hotel brands Moxy Hotel and Residence Inn by Marriott. Parent company of the two brands is Marriott International, the world’s largest hotel group with 30 different brands and 7,000 hotels in 131 countries. The property, which was sold by the Benchmark Group, a property developer active throughout Germany, is under long-term lease.
The asset, which was completed in 2021, is located at Kühnehöfe 8-10 in Hamburg’s Altona-Nord district. Access to public transportation from the location is provided by several suburban train lines and bus lines in the vicinity. Federal highway B431, one of Hamburg’s most important main roads, provides convenient access to the property by car. The well-known district is situated close to the River Elbe and boasts a number of lovely parks and green spaces. Guests don’t have far to go for shopping, coffee, dining or just taking a walk. The Port of Hamburg, the city’s fish market, theatres and other main tourist attractions and businesses are also located close to the hotel. The Moxy Hotel and Residence Inn in Altona offer a home away from home, no matter if the stay is long or short.
The 220 hotel rooms are tastefully decorated with high-end fixtures and fittings, it is the perfect place to stay for business trips or to explore the city. The 44 apartments at the Residence Inn offer rooms for longer stays. By providing rooms for short business trips and vacations as well as apartments for longer stays, the hotel complex is pursuing a strategy that has proved effective notably during the pandemic, where regulations around lodging were tight.
According to figures published by the Federal Statistical Office of Germany, the number of overnight stays in the country has returned to normal levels. The market even posted results slightly exceeding the numbers seen prior to the pandemic for the first time in August 2022 (compared to August 2019). The number of international guests has increased as well.
“Hamburg is one of the most popular tourist destinations in Germany with millions of people visiting the city each year. The number of overnight stays has been increasing steadily and we are hoping to meet that demand with this innovative combination of hotel and apartment offers. The asset’s experienced operators, high building quality and central location will provide our investors with an attractive risk-return profile,” explains Isabella CHACON TROIDL, Chief Investment Officer of BNP Paribas REIM Germany.
The Noerr legal firm acted as legal advisor during the transaction. X-Project provided technical consulting.
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