Main Photo: The 6th floor Twist Bar
Date: July 2020
Location: Salzgasse, Old Town, Dresden, Germany
Name: Hotel Innside Dresden – Four Star
No. of Keys: 180
Seller: Norpexal Holding SA and Fibona GmbH. Fibona own Legere Hotels, with four hotels in Germany and Luxembourg and more in the pipeline in Austria, Benelux and Switzerland. They also own Charly’s chain of budget hotels.
Buyer: Swiss listed Eastern Property Holdings has bought the Innside hotel in Dresden, Germany. The 180 room property is leased to Melia until 2029.
The deal follows EPH’s acquisition of the nhow hotel in Berlin, in April 2020. The company is looking to diversify its portfolio across major Western European markets.
EPH European Property Holdings Ltd. is an investment company listed on SIX Stock Exchange which holds an extensive property portfolio with a total value of around EUR 1.3 billion. As part of its geographical diversification and strategic intentions to stablise values and cash flows, the company currently invests exclusively in Western Europe. EPH is managed by Valartis International Ltd. a wholly-owned subsidiary of Valartis Group AG.
The hotel is situated in the city’s historic Old Town right next to the famous Frauenkirche. The parties to the transaction agreed to not disclose the acquisition price to the public.
The property in Dresden comprises an area of 15,550 sqm with a total of 180 rooms, 46 underground parking spaces, a spa, restaurant, 261 sqm of retail space and meeting rooms for up to 230 people. It was developed, planned and built by the Wiesbaden based Developer Fibona 10 years ago and is located in the historic centre of Dresden on the southern bank of River Elbe, very close to the main city attractions and Dresden Airport.
The hotel is home to the award-winning international Twist Bar on the 6th floor as well as the modern, elegant VEN Restaurant. It is right next to the impressive baroque Frauenkirche and across from the Albertinum art museum. The world-famous Zwinger and historic Semper Opera House are just 500 metres away. The hotel provides modern rooms, ranging from a standard room right up to the premium two-floor studios with a rooftop view overlooking the Old Town.
The hotel is wholly rented out to Meliá Hotels International. The current lease runs until December 2029, with two five-year extension options.
In terms of sustainability, the hotel is a pioneer – it was the first hotel in Germany to receive the LEED Gold Certificate for “Existing Buildings”.
Dresden is the capital of the German state of Saxony and is one of Germany’s largest university and college cities. In 2019, its GDP growth was 1.2% (2019) compared to the German national average growth of 0.6%. The city is a popular tourist destination in Germany both for domestic and international visitors, due to its extensive amenities and architecture ranging from a beautiful, historic city centre to its baroque churches and museums. In 2019, Dresden recorded 2.3m arrivals and 4.7m overnight stays, an increase of 3.1% and 1.6% respectively on the previous year.
This acquisition is the latest in EPH’s on-going strategy to diversify its portfolio across major Western European markets, adding attractive real estate investments in stable markets with a strong long-term economic outlook. EPH believes that the long-term outlook of both the economy and tourism industry in Dresden makes this a desirable asset and its addition to the EPH portfolio will create long-term value for the Company’s shareholders.
THPT Comment: Great news for EPH with this second acquisition in just a few weeks.
First Seen: Global Newswire
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