Following the acquisition of the Meliá Berlin, Union Investment has secured another high-yield hotel property by Spanish hotel brand Meliá for one of its institutional funds.
The developer and seller of the Innside by Meliá Aachen is HPG Hotel Aachen GmbH & Co. KG, a limited partnership, one half of which is owned by HPG Property Group and the other half by CeBus. The terms of the sale were undisclosed.
The new-build hotel, which is scheduled for completion in mid-2016, is fully let on a 20-year lease to Sol Meliá Deutschland GmbH, a wholly-owned subsidiary of the Meliá Hotels International group. The four-star hotel will have 158 rooms and 66 parking spaces.
“This 4-star hotel operating under the successful Meliá brand, combined with growing demand in the Aachen hotel market, will meet a real need in this location,” said Dr Christoph Schumacher, a member of the management team at Hamburg-based Union Investment.
Innside by Meliá is an upscale brand which attracts business and leisure travellers alike. “In addition, the hotel’s excellent location within the city ring road, its high visibility and the fact that other companies are moving to the area, thereby generating further demand, all indicate that this investment will deliver sustained success for the fund.”
Alongside the Innside by Meliá Aachen, Union Investment's hotel portfolio includes three other flagship hotels operated by the leading Spanish brand – one in Berlin, one in Düsseldorf and one in Paris La Défense.
