Commerz Real has acquired the hotel and retail areas in “Terra”, one of the four high-rise towers in the “Four Frankfurt” quarter on land formerly occupied by Deutsche Bank. The seller is the project developer Groß & Partner. The purchase price was not disclosed. The transaction was executed as a forward purchase.
Located in Frankfurt’s banking district, the scheme, designed by UN Studio and HPP, will be c.120 metres high and have 31 storeys. The hotel areas have already been pre-leased for 30 years to InterContinental Hotels Group, which intends to open a 5-star Kimpton hotel. It will offer at least 150 rooms and 30 parking spaces, a reception area, two bars, two restaurants, a fitness area, and three conference rooms.
“There is a limited offering of up-market hotels in Frankfurt, meaning that a high-quality boutique hotel in such a premium location will meet with excess demand,” said Henning Koch, Global Head of Transactions at Commerz Real. “And above all, because the new quarter will open up the banking district to the shopping arcades of the inner city, integrating the quarter into downtown Frankfurt.”
