Real I.S. AG acquires Patrizia's Hamburg hotel (DE)

Real I.S. AG acquires Hamburg hotel from Patrizia (DE)

Real I.S. has acquired a hotel property in a central location on the Stadthausbrücke in Hamburg for its real estate special AIF “BGV VI”. The seller of the property with around 8,000 m² property is Patrizia Immobilien AG acting on behalf of a special fund. The parties have agreed to keep the purchase price confidential.


“The Ruby Hotel is exceptional in terms of its central prime location and its successful hotel concept in one of the top tourist spots”, says Jochen Schenk, member of Real I.S. AG’s Board of Management. “With its many tourist attractions, offerings and cultural highlights, Hamburg is one of the big favourites with tourists coming to Germany. Not least because of cruise tourism and the Elbphilharmonie concert hall as its new landmark, Hamburg will remain attractive in the future as well,” Schenk adds.


The former publishing building, most recently used for office purposes, is currently being converted into a boutique and design hotel. With completion scheduled in August 2018, the property will have 290 rooms on six floors and access to 78 parking spaces in the neighbouring building. In addition, the main entrance is to be relocated to open out onto the Stadthausbrücke as part of the renovation work. The long-term operator of the hotel in the Düsternstraße 1-3 is Ruby Hotels & Resorts. Along with new locations in Hamburg, Frankfurt am Main and Düsseldorf, Ruby has successfully established itself with its boutique hotel concept in Vienna and Munich.


Ruby Hotels represents a new kind of hotel which offers lean but affordable luxury. All the management, reservation and procurement processes are automated so that booking as well as checking in and out are completed exclusively online. In contrast to traditional hotel concepts, the hotel can, therefore, operate at a profit even if it is just under 50 % full.


There are only two price categories for rooms. Existing properties are always taken and converted into contemporary design hotels.


“Based on the operator’s innovative and tried-and-tested concept, the hotel will offer high-quality rooms at a fair price and modern booking options which appeal to a broad target group,” Schenk adds. The property is situated in direct proximity to water within walking distance of the exclusive “Neuer Wall” and “Großen Bleichen” shopping miles in Hamburg’s city centre. Popular attractions and tourist destinations, such as the Jungfernstieg, the Alster Speicherstadt (warehouse district) and the Landungsbrücken quay can be reached via the nearby Stadthausbrücke and Rödingsmarkt underground stations.


Real I.S. received legal advice from GSK Stockmann and technical advice from Drees & Sommer during the transaction. BNP Paribas Real Estate acted in a property advisory capacity. The seller’s legal advisor was Arnecke Sibeth.

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