Union Investment has announced its debut in the resort hotel sector with the acquisition of its first property in Germany. The investment was made with a subsidiary of developer Planquadr.at. The project is expected to be delivered in December 2022, with a planned opening in March 2023.

The investment arm of the DZ Bank Group has acquired the Marriott Bonvoy Autograph Collection boutique hotel on Lake Tegernsee in southern Germany. The transaction was made possible by Christie & Co.

Union Investment will carry out interior refurbishment work on the hotel before reopening it in spring next year. The hotel will have 100 double rooms, 11 junior suites, 14 standard suites, a 90-seat restaurant, a rooftop bar with a capacity to host 180 people, event facilities, and a wellness area with a pool. In respect of the environment, the hotel will aim to achieve LEED Gold certification.

Four Peaks Hospitality GmbH has signed a 20-year lease on the establishment. Once opened, the hotel will operate under the name Caro & Selig, Tegernsee, Autograph Collection.

Since the health crisis, Union Investment has continued to invest in hotel real estate. Its overall portfolio now comprises 90 properties with an estimated total value of €6.7 billion.

In hotel real estate, the resort segment has been developing for several decades. This specific real estate asset class has demonstrated its ability to withstand crises and proved, once again, its resilience during the Covid-19 pandemic. The new concepts and the constant professionalisation of the operators are increasing its attractiveness to institutional investors. The acquisition of this hotel on Lake Tegernsee is part of Union Investment's diversification of its hotel portfolio.

Andreas Löcher, Head of Investment Management Hospitality at Union Investment

It is a great honour for Planquadr.at and SORAVIA that Union Investment was convinced by our project, which was developed in a sustainable way with a concept especially developed for the location.

Christian Häupl, CEO of Planquadr.at