Successful low-budget designer hotel chain Motel One today celebrated the opening of its first Belgian site in Brussels. The 490-room Motel One Brussels is situated in the city center on Rue Royale, close to the Royal Palace and just 200 meters from the Park metro station. The end investor is Union Investment, which secured the hotel at the project stage in 2011 via option rights for its open-ended real estate fund UniInstitutional European Real Estate.
"Motel One has one of the most attractive modern operator strategies in Germany. We are delighted to be supporting Motel One in their international expansion," said Dr. Christoph Schumacher, a member of the management team at Union Investment Institutional Property GmbH, Hamburg.
Union Investment holds five German Motel One properties in its open-ended real estate funds in addition to the Brussels hotel. Overall, the Union Investment hotel portfolio comprises 37 properties and projects with 23 different operators and a total value of more than €2 billion. Union Investment also has secured the first Motel One in Amsterdam at the project stage, which is scheduled for completion by mid-2015. The property will be added to the UniImmo: Europa portfolio.
Source: Union Investment