Commerz Real has acquired a hotel project in Lübeck, Germany from the project developer GBI through its Luxembourg Commerz Real Institutional European Hotel Fund. The parties have agreed not to disclose the purchase price.
The hotel is expected to open in 2023 and will be operated under the brand Intercity Hotel of Steigenberger Hotels AG.
Commerz Real said the lease will run for at least 20 years.
The hotel will accommodate 176 rooms as well as a restaurant, bar and conference rooms on around 8,500 square meters of gross floor area, spread over five floors plus a mezzanine floor.
“After the pandemic has subsided, hotels in tourist attractions such as Lübeck will quickly see an increase in the number of overnight stays. In this respect, the opening in 2023 comes at exactly the right time,” said Dirk Schuldes, Global Head of Hospitality at Commerz Real.
With the address Konrad-Adenauer-Straße 1, the property is located directly at the main and bus station of the Hanseatic city and therefore within walking distance of the old town.