A sought-after hotel with 259 rooms in a central location in the Hanseatic city / Volume of the hotel fund initially planned at EUR 500 million / Cities in the B and C categories also an investment target / As a consultant and being the largest hotel developer in Germany, GBI AG has the necessary insight into the market and possesses a wealth of know-how.
Project developer GBI AG is going to invest in hotel properties in Germany, Austria and Switzerland for the Bayerische Versorgungskammer (BVK) via a fund launched by Universal-Investment, managing the acquired properties on a long-term basis. Within the scope of the cooperation started at the beginning of the year, the purchase of the first property, the Lindner Hotel Am Michel in Hamburg, has now been finalised. “This 4-star hotel in a prime city location in one of the most dynamic hotel markets in Germany is a fitting start for the fund,” commented Simon Behr, Director of Fund Management & Transaction at GBI AG.
With assets under management of around 77 billion euros, BVK is one of the most significant institutional investors in Germany. The investment strategy of the new fund is to build up a high-quality portfolio with a long-term focus. Initially, up to 500 million euros are to be invested. “Hotel properties are highly attractive for long-term-oriented investors”, explains Christoph Geirhos, Head of Real Estate Purchase and Sale at BVK: “The long-term operator agreements in particular provide a high degree of security and predictability. The Lindner Hotel in Hamburg, for example, ideally meets these criteria.”
The 4-star hotel in Hamburg’s Neanderstrasse with 259 stylishly furnished rooms, a large conference area with seven conference rooms, was opened in 2008. After more than ten years, this has now been sold again by Lloyd Fonds AG.
Comparable existing properties in the 2- to 4-star category in Germany, Austria and Switzerland are now to be acquired for the hotel fund of the Bayerische Versorgungskammer – not only in top locations such as Hamburg, but also in attractive locations in B and C cities. In addition to classical hotels, this also includes offers in the long-stay sector. “We are also interested in properties that are still in project development status,” explains Simon Behr. It is also feasible to continue the development of projects that are already underway, both embracing new buildings and refurbishments.
GBI also sees to the selection of suitable operators via the fund if required. As Germany’s largest developer of hotels, the company already works with numerous international chains that are pushing into the local market. Simon Behr: “We therefore know precisely which operators in Germany and abroad are interested in certain locations and find the optimal solution together with development partners”. GBI AG is already active also in Austria with several projects, knowing the special conditions of the market
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