Select Group has acquired the 344-room niu Air Frankfurt Hotel from GBI AG, Germany’s largest hotel developer. Located at Rebstock Park on Frankfurt's Leonardo da Vinci Allee, the hotel is scheduled for completion in Q4 2019.
Situated at the gateway to the much-frequented exhibition grounds, the hotel will feature an innovative and open Living Lobby as a gathering place not only for hotel guests but also for locals. Catering to the modern traveller, all rooms are equipped with bluetooth boxes, numerous sockets, USB ports, smart flat screens and high-speed Wi-Fi. An Instagram wall and background beats throughout the building are additional distinctive features of the brand.
Commenting on the purchase, Rahail Aslam, Group Chief Executive Officer, Select Group, stated: “We are very pleased with the addition of ‘niu Air Frankfurt’ to Select Group’s growing hospitality portfolio. This acquisition is in line with our strategy to invest in core European markets with a sound growth potential. The combination of GBI AG’s credible track record of delivery, Novum Hospitality Group’s expertise in hotel operations and the hotel’s strategic location, being in close proximity to major demand drivers such as the Frankfurt Messe and airport, will certainly place niu Air Frankfurt as a destination of choice for the discerning consumer and a great showcase for the exciting ‘Niu’ brand.”
Reiner Nittka, CEO of GBI AG, considers the deal with Select Group a significant achievement. "This is an impressive endorsement of how attractive the hotels developed by GBI AG in Germany have become for real estate companies operating worldwide. Choosing us from a global selection speaks for a high real estate and investment quality.’
"The thriving hotel market in Frankfurt with its steadily rising demand was decisive for our commitment to this transaction," explains Uwe Hellendahl, Managing Director, Duxton Capital – the transaction advisors for this acquisition. “According to PwC's European Cities Hotel Forecast, room revenues in Frankfurt increased by 3.7% to €85 in 2017. Revenues are forecast to continue rising over the next two years and for the first time Frankfurt recorded over nine and a half million stays.”
