Schroders Capital and Capital France Hotel, a hotel investment vehicle managed by Schroders Capital’s real estate hotels team, have completed the acquisition of a major hotel complex in Berlin. The complex comprises three properties: the Holiday Inn Hotel, the Indigo Hotel and the One80° Hostel, totalling 527 rooms. It is ideally located on Alexanderplatz, one of the main public squares of Berlin, in the prime quarter of Mitte, and offers extensive facilities for both corporate and leisure guests. The two hotels will be leased to Premier Inn, part of the Whitbread Group, and will undergo an extensive renovation program to become one of the brand’s flagships in Europe. The hostel will continue to be operated by the seller under a long-term lease agreement. The purchase price was not disclosed.
Chris-Norman Sauer, Acquisitions Director Germany, Premier Inn, said: “Berlin is one of the most important target markets for us in Germany and Alexanderplatz is the centre of the capital with many important sights, restaurants and shopping opportunities within walking distance. With its great architecture and high visibility, it perfectly complements our hotel in Berlin West. We are very much looking forward to converting the two hotels into Germany’s largest Premier Inn with 403 rooms.”
Stephane Obadia, Head of Investments, Schroders Capital, said: “Schroders Capital’s real estate hotels team is excited to start working with Whitbread on this first project. We have been very impressed by the success of the Premier Inn brand, first in the UK and now in Germany. Their unique know-how in hotel management and marketing has been instrumental in this achievement. Schroders Capital is proud to support Premier Inn’s strategic growth in Germany by acquiring the brand’s flagship site in a prime location in Berlin. This acquisition, completed in a time frame of only five weeks, also demonstrates our commitment to delivering and conducting transactions in the most efficient and straightforward way.”