Swiss Eastern Property Holdings has Acquired the nhow Hotel in Berlin
Main Photo: The nhow Hotel Berlin
Date: April 2020
Location: Friedrichshain district, Berlin, Germany
Name: The nhow Hotel Berlin
No. of Keys: 304
Seller: Canada’s Jesta Group, owner of a portfolio of around 15 very tasty hotels, such as JW Marriott Cannes, Essex House Miami and Chelsea Island London. The hotel will remain leased to NH Hotels, with 15 years remaining on the lease. The hotel was built and opened in 2010.
Jesta looks forward to its continued presence in all major cities in Western Europe, the United States and Canada and is currently aggressively pursuing new opportunities.
Buyer: Eastern Property Holdings acquired 89.9% of interest in the Nhow Hotel in Berlin, Germany from the Jesta Group and its partner. The parties to the transaction agreed to not disclose the acquisition price to the public.
The property had been completed in 2010 and comprises approximately 20,160 sqm, including 304 rooms, 86 underground & 39 surface parking spaces, a spa, restaurant and two music studios. Located in the popular, upcoming area of Friedrichshain, the real estate is notable for its extraordinary, modern construction and desirable waterside location. The award-winning architecture of the building was designed by Berlin architect Sergei Tchoban.
The property is leased in its entirety to Nhow Hotel, part of the NH Hotel Group, the third largest business hotel group in Europe. The lease has over 15 years left with the option to extend by a further 10 years.
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 strong long-term economic outlook. EPH believes that the long term outlook of Berlin is attractive both from a business and tourism market.
Berlin is Germany’s capital and its largest employment hub. It is the most attractive tourist destination in Germany, with 12.9m arrivals and 31.3m overnight stays recorded in 2019. The meetings and congress market generated around 8.1m overnight stays in Berlin in 2018 and is expected to grow further due to new exhibition halls with a capacity of 200k sqm.
Eastern Property Holdings Ltd. is an investment company listed on SIX Swiss Exchange which holds interest in office, residential and retail properties.
THPT Comment: Great move for EPH, who appear to be new to the hotel side of their otherwise mature property business. The nhow is certainly a different type of funky hotel to the rest of the NH portfolio, now up to six hotels in Europe, with London being their latest opening.
First Seen: EPH Press Release
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