The 176-room hotel will be located near Lübeck Central Station. It will be operated under the IntercityHotel brand of Steigenberger Hotels AG
Located in Lübeck’s city center, at Konrad-Adenauer-Straße 1, the future hotel will benefit from the immediate proximity of the central train and bus stations as well as that of the historic center, a UNESCO World Heritage Site. It will also be located about 20 kilometres from the seaside resort Travemünde, on the shores of the Baltic.
The establishment will feature 176 rooms, spread over six floors, a large hall, a restaurant, a bar and several conference rooms. The Italian architect Matteo Thun oversees the interior decoration. The site has been abandoned for over 20 years. The current building is being demolished to make way for new construction. According to Commerz Real, the real estate transaction will bridge a gap between the historic city centre and the central station, thus improving the neighbourhood. However, the hotel project has been criticized because of delays in programming and the sale price of the site by the city of Lübeck (€1.7 million).
The project is the result of the cooperation agreement between Deutsche Hospitality and the "Commerz Real Institutional European Hotel Fund, a" Special Alternative Investment Fund opened a few months ago. It allowed Commerz Real, a real estate subsidiary of Commerzbank to acquire the future hotel from project developer GBI IntercityHotel Lübeck is thus the fourth hotel acquired by "Commerz Real Institutional European Hotel Fund". In addition to the Lübeck property, in Germany, Commerz Real acquired two Intercity hotels under construction in the Netherlands: a 115-room hotel in Leiden and a 174-room hotel in Breda. Like the IntercityHotel in Lübeck, these will be part of the Commerz Real European Hotel Fund, will be located near train stations and will open in 2023. They will be operated by STAG Hotels Netherlands, a subsidiary of Steigenberger Hotels AG.
The cooperation agreement between Deutsche Hospitality provides for the acquisition, in the medium term, of 8 diversified risk properties for professional and semi-professional investors. The desired fund volume is 250 million euros with an equity ratio of around 40 %. Steigenberger Hotels AG is participating for twelve million euros. The target annual return is at least 5.5%.
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