Brierly Gardens Investments Limited, Cyprus, owner of Steigenberger Hotels AG since 2009, has acquired the real estate of Steigenberger Europäischer Hof in Baden-Baden, the very first hotel operated by the company. This move ensures further management by Steigenberger of its original hotel, continuing a tradition of more than 80 years. Extensive investments are planned.
Europäischer Hof was the first hotel of the company founder Albert Steigenberger.
Steigenberger Europäischer Hof has a very special place in the history of the company. It was launched in 1930, the first hotel of the company founder Albert Steigenberger. Located at the centre of Baden-Baden, this hotel is the symbolic starting point of a success story in the international hotel sector.
The new owner of the Steigenberger Europäischer Hof property in Baden-Baden is Brierly Gardens Investments Limited, Cyprus, which has been the owner of Steigenberger Hotels AG in Frankfurt since 2009.
The purchase of the Europäischer Hof from DP Global Properties group ensures continued operation of the heritage hotel under the Steigenberger name. Extensive investments are planned at the hotel, and will be started without delay, restoring Steigenberger Europäischer Hof to its former glory.
"The founding hotel of any hotel company plays a significant role in its history. So we are very delighted to continue our presence at this important location in Baden-Baden, with the Steigenberger Europäischer Hof," said Puneet Chhatwal, Chief Executive Officer of Steigenberger Hotels AG.
The seller of the Steigenberger Europäischer Hof property is DP Global Properties group which acquired the asset as part of a portfolio when it purchased 100% of the shares in Deutsche Land Limited on the London Stock Exchange and took this listed vehicle private in 2009/2010.
Ross MacDiarmid, the Managing Director of DP Global Properties in Germany said: "We have enjoyed our period of ownership of this fine asset, however a sale at this juncture will enable us to focus our resources and expertise on the retail and office properties that comprise the core of our investment portfolio. We are happy to see the ownership of this trophy building pass into such good hands, and we wish the Steigenberger Europäischer Hof all the best in the future".
Source: DP Global Properties