Warimpex and UBM started jointly developing the core property in 2006 and have been operating it since 2009, under the management of Vienna International Hotelmanagement AG.
Union Investment Real Estate GmbH has acquired the four-star andel’s Berlin, thereby adding to its hotel portfolio in the German capital. The vendor is a property company belonging to Warimpex Finanz- und Beteiligungs AG and UBM Development AG. The contract negotiations were successfully concluded yesterday. The purchase agreement is subject to the customary closing conditions for a property transaction of this type. Completion is scheduled for the third quarter of 2015. The agreed purchase price is approximately EUR 105 million.
Warimpex and UBM started jointly developing the core property in 2006 and have been operating it since 2009, under the management of Vienna International Hotelmanagement AG. Each of the two companies held a 50% stake in the 4-star superior hotel. Vienna International Group will continue to be responsible for managing the hotel as lessee after completion of the sale, with the name andel’s Hotel Berlin and the entire management team and staff being retained.
“Our strategic investment in a project in an area of Berlin that was very underrated at the time has now been brought to a very positive conclusion with the sale of this exceptional property. The combination of hotel and conference centre enables andel’s Berlin to offer a compelling hotel concept which meets the city’s needs and has greatly enhanced its location in East Berlin in recent years,” said Dr. Franz Jurkowitsch, CEO of Warimpex.
“The sale of andel’s does not mean we are exiting the German capital,” said UBM CEO Karl Bier. “On the contrary, Berlin offers a range of investment opportunities. In addition to a number of residential projects, we are developing Holiday Inn Express Alexanderplatz near Berlin’s City Hall. We are also working on a shopping centre and event venue together with Warimpex, which will be located on the site of Berlin’s former central stockyard and abattoir opposite andel’s Hotel.”
Completed in 2009, the 557-room conference hotel is located in the Prenzlauer Berg district of Berlin directly opposite the Velodrom sports arena, and will join the portfolio of open-ended real estate fund Unilmmo: Deutschland. “Hotels remain a core component of our funds. As a leading travel destination in Europe, Berlin is one of the most attractive and dynamic markets in this asset class,” said Andreas Löcher, head of Hotel Investment Management at Union Investment Real Estate GmbH.
andel’s is one of four conference hotels in Berlin and has the capacity to host multiple large-scale events simultaneously. The conference facilities are spread over 3,800 sq m of space, consisting of a ballroom, 21 combinable conference rooms and 15 meeting suites with flexible design options. The freight lifts for the conference area can transport trucks and buses with a load capacity of 28 tonnes. The property is also home to the Skykitchen restaurant on the 12th floor, run by Michelin-starred chef Alexander Koppe, and a sky.bar on the 14th floor. The stylish and quirky interior design of andel’s Hotel Berlin and its top-class hospitality have been recognised by numerous national and international awards since it opened – including Excellence awards from HolidayCheck, TripAdvisor, Green Globe and Iconic Design. “andel’s gives us the opportunity to participate in the ongoing development of the fast-growing conference and event business in Berlin,” commented Löcher.
andel’s Hotel Berlin is Union Investment’s eighth hotel investment in the German capital. The Berlin portfolio also includes the five-star Hotel InterContinental, the Radisson Blu Berlin, the Pullman Berlin Schweizer Hof and the five-star Hotel Sofitel Gendarmenmarkt. Union Investment’s broadly diversified hotel portfolio encompasses 25 brands and currently comprises 40 properties with an asset value of around 2.3 billion euros.
Vicky is the co-founder of TravelDailyNews Media Network where she is the Editor-in Chief. She is also responsible for the daily operation and the financial policy. She holds a Bachelor's degree in Tourism Business Administration from the Technical University of Athens and a Master in Business Administration (MBA) from the University of Wales.
She has many years of both academic and industrial experience within the travel industry. She has written/edited numerous articles in various tourism magazines.
