LEISURE
IHG BOOSTS GERMAN HOTEL PIPELINE InterContinental Hotels Group has announced plans to open hotels in Friedrichshafen, Offenbach, Stuttgart and Lübeck. The Holiday Inn Express Friedrichshafen Nord, near the airport, will have 120 bedrooms. The 206-room Holiday Inn Offenbach City Tower will be created from a former office building, IHG’s second such project in the Frankfurt area. The 158-room hotel in Lübeck, previously the Scandic Lübeck, is to open in H1 2013, and the hotels in Friedrichshafen, Offenbach and 155- room Stuttgart hotel will open in 2014. IHG has 69 hotels in Germany, of which 56 belong to the Holiday Inn brand, and 14 hotels in the pipeline there. A recent report from CBRE Hotels stated that
German RevPAR growth is among the strongest in western Europe; average RevPAR growth in the five top German cities was nearly 7% at the end of 2012 despite the eurozone’s troubles.
GERMANY AMONG HOTEL INVESTMENT TARGETS, SAYS JLL A high proportion of investors in hotel real estate plan to buy assets in Germany’s major cities and other key European markets including London, Warsaw, Vienna, Amsterdam and Paris. According to Jones
Lang LaSalle Hotels’ latest Hotel Investor Sentiment Survey, 40% of respondents plan to do so in the next six months. Jon Hubbard, CEO
Northern Europe at JLL Hotels, said that confidence in hotels was holding up well despite Europe’s economic woes. “Cap rate requirements remain firm at an average of 7.2% with keener yields for key gateway markets such as Paris, London and in key German cities.”
EURO PROPERTY
Maritim Hotel, Berlin
SEB SELLS MARITIM Open-ended real estate investment fund SEB ImmoInvest has sold the four-star Maritim hotel in Berlin to ARTIC, the hospitality arm of Qatar-based conglomerate Al Faisal Holding. The price was not disclosed. But SEB ImmoInvest’s half- year report of 30 September 2012 puts a value of €186.5m on the asset. Located between shopping street Kurfürstendamm and the Brandenburg gate in Berlin’s Tiergarten district, part of the diplomatic quarter, the hotel has 49 rooms and can cater for events involving 5,500 guests in total. SEB ImmoInvest has been undergoing liquidation since May 2012 and has a volume of €6bn.
IN ASSOCIATION WITH
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