Union Investment has invested around €4m in the modernisation of a hotel in Innsbruck. The building, which was completed in 2011, was operated as a Ramada Hotel until July 2021 before being taken over by the HR Group in 2022 and temporarily operated as the Tivolihotel Innsbruck. It is now operated under the Hilton Garden Inn brand. Hilton has entered into a franchise agreement with the HR Group for this purpose. Since 2015, the hotel has been part of the portfolio of the open-ended real estate fund immofonds 1, which is marketed exclusively in Austria.
"The modernisation is a good example of the opportunities that active asset management can offer. We recognised the hotel's untapped potential and were able to leverage attractive values for immofonds 1 through the comprehensive renovation and repositioning with a new global brand," said Thorsten Purkus, Head of Asset Management Hospitality at Union Investment.
The hotel was completely modernised from November 2023 to October 2024 to bring it up to the Hilton brand's higher standard. All 159 rooms were renovated, as were all public spaces and the restaurant and bar area. The Tivoli restaurant will soon open on the 11th floor of the hotel, offering regional cuisine and an exclusive terrace with a spectacular panoramic view over Innsbruck and the Alps. There is now also a modern seminar room for conferences and smaller events. On completion of the renovation work, the hotel was rebranded as the Hilton Garden Inn.
The Hilton Garden Inn is located in a building with exceptional architecture to the south of Innsbruck's historic city centre, directly opposite the Olympia World. The Olympia Ice Stadium and the Tivoli football stadium are also just a few steps away. The airport, the train station and the city centre with its numerous sights can be reached within a few minutes.
Image source - Union Investment.
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