Reiss&Co has sold the planned new Motel One Group hotel in Stuttgart to the Zurich Group Germany. Reiss & Co. is building the turnkey project and will hand it over to the operator and final investor after the construction work has been completed. BayernLB is responsible for the financing. Property consultant E&G Real Estate GmbH brokered the deal for the vendor. The parties have agreed to keep the sale price confidential.
The hotel, designed by the famous Lederer Ragnarsdóttir Oei (LRO) architectural firm, will be constructed on the site of the former EnBW Stuttgart HQ, between Kriegsbergstrasse and Jagerstrasse. The ca. 150-space underground car park below the hotel has been let on a long lease to Parkraumbetreibergesellschaft mbH, a subsidiary company wholly owned by the federal state of Baden-Wurttemberg. Structural work is scheduled to begin in Q1/2019, with completion slated for Q4/2020.
Jurgen Klein, Branch Manager of Reiss&Co Stuttgart, commented: "We are delighted to have found Zurich as a very reliable final investor for this project, which is very important to us. We are confident that we will create a very attractive long-term investment in one of Stuttgart's top locations."
"The structural quality in a premium location is particularly interesting for us. It makes this property ideal for our portfolio", added Dr. Michael Leinwand, Chief Investment Officer of Zurich Group Germany.
