Acquired in January 2014 for 20 million € from Axa ImmoSelect, the hotel Steigenberger Bad Homburg is the first hotel property in the the Art-Invest fund which has planned to invest 500 millions in the next few years.
Last year Art-Invest Real Estate launched a fund to welcome its hotel acquisitions, baptized Hotel-Manage to Core. An initial 500 million euros is dedicated to these acquisitions that began in 2014 with the purchase of the walls of the Steigenberger Bad Homburg. Later that year, Art-Invest realized two other acquisitions, the Sofitel Hamburg Alter Wall (241 rooms opened in 2000) and the Mercure Hotel Leipzig am Johannisplatz (174 rooms). In May, the fund announced the the takeover of the walls of the Méridien Parkhotel in Frankfurt (300 rooms and suites).
Directed by Dr Peter Erbertz, the Hôtels d'Art-Invest Real Estate division also undertook major renovation works for its acquisitions. A 10 million Euro investment program has been launched for the Steigenberger Bad Hamburg, in association with a extension of the lease signed by Steigenberger Hotel Group until 2036.
The hotel opened in 1886 as the Ritters Parkhotel and went under the Steigenberger banner in 1950. It is one of the first hotels in the German chain run by Puneet Chhatwal. The historic facade will be restored to its original appearance, but the interior will give way to very contemporary decoration. Works will be completed in Spring 2016.
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