Pbb Deutsche Pfandbriefbank has provided a €32m (£24m) development loan for the construction of a new hotel in Hamburg’s City Nord district.
The loan went to developer TAS Group, which will use the loan to construct a 19-floor hotel on the site of a former BP building.
The hotel is expected to have 300 rooms, a conference facility, restaurant and bar facilities covering a total of 172,000 sq ft.
It will be operated by the Bierwirth & Kluth Group as a four-star Holiday Inn under a franchise from Intercontinental Hotels Group.
Gerhard Meitinger, head of real estate finance Germany at pbb Deutsche Pfandbriefbank, said: “As the third-largest German market for hotel accommodation (after Berlin and Munich), Hamburg has shown an extraordinary level of growth over recent years. Likewise, City Nord is an attractive office location in Hamburg, where TAS Group has already developed other projects.”
To send feedback, e-mail mike.cobb@estatesgazette.com or tweet @MikeCobbEG or @estatesgazette
