Commerz Real has signed the Irish Staycity Group as the new operator of the hotel at Speyerer Strasse 9 in Heidelberg, which is part of the hausInvest portfolio. The previous lessee, Star Inn Gruppe, had been forced to file for insolvency as a consequence of the coronavirus pandemic, closing the hotel together with six other properties.
“In Staycity we have been able to acquire a renowned operator of serviced apartments, which has also demonstrated the success and resilience of its business model in the current crisis,” said a pleased Dirk Schuldes, Global Head of Hospitality at Commerz Real. “And it is impressive testimony not only to our robust asset management but also to the quality of our properties that they have been leased again so quickly even in a difficult environment.” The lease agreement has a term of 25 years.
Completed as recently as 2018, the hotel has 300 rooms. As an aparthotel it unites the advantages of a fully equipped apartment, including kitchen/kitchenette, with those of a hotel, with a reception desk staffed around the clock for example. It is situated not far from the central station and the new congress centre that is under construction.
“Historically Heidelberg is one of the best-performing hotel markets in Germany and equally popular with business and leisure travellers,” commented Tom Walsh, co-founder and CEO of Staycity Group. “We had always wanted to fly the flag in this university town which is well-known beyond the borders of Germany.”
Markus Beike, responsible for expansion in Germany, said: “After we had viewed a number of different locations in Heidelberg in recent years, we have finally hit the mark – an excellent addition to our growing portfolio in Germany.”