Hamburg-based HIH Hamburgische Immobilien Handlung and Munich’s brixx Projektentwicklung are developing two hotels in Hamburg.
The project has an investment volume between €30m and €40m. Hanover-based Deutsche Hypothekenbank will provide about 90% of debt for the project. Fondshaus Hamburg Immobilien will act as equity capital partner via the real estate project development fund Aktiv Select Deutschland and life insurer Württembergische Lebensversicherung will acquire the investment.
Located in a part of the old Hühnerpostens complex, the two hotels will provide a total of 448 rooms. Hotel operator Accor Hospitality Germany will run the hotels once completed and has signed a letting agreement for a period of 20 years.
Completion is scheduled for 2014.
