Patrizia Immobilien AG has purchased a real estate development project for two hotels with a total of 380 rooms. The two hotels are expected to open in March 2017 and will operate under the Hampton by Hilton and Wyndham Super 8 brands. They have been acquired for a hotel real estate fund managed by Patrizia.
“Freiburg has the highest bed occupancy rate in Baden-Württemberg and, based on room occupancy for hotel chains, Freiburg actually ranks third nationally behind Munich and Hamburg. Two modern hotel concepts in this strong, regional hotel market combined with very long leases promise high profitability and value retention for our investors,” explains Douglas Waibel. The sellers are two project companies of Hamburg-based Revitalis Real Estate AG and Cologne-based family office Dereco.
The hotels will be operated by the Primestar Group under the Hampton by Hilton and Wyndham Super 8 brands. They are brands of the Hilton and Wyndham hotel chains, two of the world’s largest hotel companies. 25-year leases (each with an option to extend for a further five years) have been concluded with the respective operators. Both the 175-room Hampton by Hilton and the 205-bed Wyndham Super 8 will exceed Freiburg’s strict sustainability standards for energy efficiency.
The hotels are being constructed on the northern edge of the city centre. Known as “Gare Du Nord”, a new urban quarter with businesses and apartments for around 2,000 people is being constructed on the site of an old freight yard covering an area of just under 400,000m². The Freiburg Messe exhibition and conference centre and SC Freiburg’s planned new football stadium with 35,000 seats are both in direct proximity to the hotels. Numerous businesses and research institutes, such as the Fraunhofer Institute for Physical Measurement Techniques IPM and the Max Planck Institute of Immunobiology and Epigenetics, are also close by.
