Adina Apartment Hotels, Europe's newest developer, owner and operator of upper market apartment hotels, announced details of a significant 30 million debt facility with Westdeutsche ImmobilienBank AG to finance two new Berlin properties currently under construction. The deal underlines Adina's success in Europe to date and demonstrates WestImmo's confidence in the upper market apartment hotel group.
Adina Apartment Hotel Berlin Checkpoint Charlie was chosen as an Expedia Insiders' Select hotel.
Adina's Director for Europe, Andrew Hunter, said: "We are privileged to enjoy a strong relationship with WestImmo, as demonstrated by this latest agreement. The successful performance of our existing properties in Berlin, Copenhagen and Budapest, and the impressive returns of the Toga Accommodation Fund, has helped us to secure this facility and ensure the success of our future openings in the region. The Toga Accommodation Fund has delivered a 9% year on year return since its inception in 2006."
"From our point of view, the proven track record, the professional management approach and the two excellent locations in Berlin-Mitte are summing up to a very attractive financing opportunity. We are very pleased to accompany Adina´s growth in the German market with this loan facility for two premium apartment hotels in Berlin," said Thomas Brand, the representative of WestImmo´s Berlin branch.
Adina Apartment Hotel Berlin Checkpoint Charlie has recently been chosen as an Expedia Insiders' Select hotel. The Expedia Insiders' Select list is an annual award recognising the top 1% of hotels worldwide, as judged by experiences of Expedia customers. This success provides the perfect backdrop for the launch of Adina's new hotels to be debt financed by the deal with WestImmo; Berlin, Hauptbahnhof 139 apartments due for completion in October 2009, and Berlin, Hackschermarkt 145 apartments due for completion in mid-2010.
Equity for the projects is provided by the Toga Group, which views these properties as a core part of their long term investment strategy into Europe.