Hamburg-based real estate investment manager Union Investment has entered the resort hotel market by acquiring a Marriott Bonvoy Autograph Collection boutique hotel on Lake Tegernsee.
Construction work is currently under way on the internal fit-out and is expected to be completed in December 2022. The hotel is scheduled to open in March 2023.
The acquisition is being made on behalf of a special fund from Union Investment. The vendor is a subsidiary of the developer Planquadr.at, a partner company of Soravia based in Salzburg. The purchase price was not disclosed.
“The resort hotel sector has experienced decades of growth. It has shown itself to be crisis-proof and proved its resilience again during the Covid-19 pandemic. New concepts and the ongoing professionalisation of operators are making the asset class increasingly attractive as an investment target for institutional investors. Acquisition of this hotel on Lake Tegernsee further diversifies Union Investment’s hotel portfolio,” said Andreas Löcher, head of Investment Management Hospitality at Union Investment.
The hotel is situated just 300 metres from Lake Tegernsee. It will offer 100 double rooms, 11 junior suites, 14 standard suites, a 90-seat restaurant, a 180-seat rooftop bar, event facilities and a wellness area with pool.
The architecture is unusual for the region, giving the leisure property a distinctive appearance and setting it apart from its local competitors. Most of the rooms on the second floor and above have a direct view of the lake. Sustainability aspects are being taken into account in the construction of the hotel and LEED Gold certification will be sought.
Christian Häupl, CEO of Planquadr.at is pleased about the successful transaction: “It is a great honor for Planquadr.at and Soravia that Union Investment could be convinced by our sustainably developed project with a concept tailored for the location.”
Four Peaks Hospitality GmbH, part of the Soravia Group, has already signed a 20-year lease for the property. The hotel will operate under the name Caro & Selig, Tegernsee, Autograph Collection, a premium soft brand of Marriott Bonvoy, one of the world’s largest and most successful hotel chains.
Investment in hotel assets has been steadily declining since the outbreak of the pandemic. Union Investment remained one of the most active hotel investors in Europe during the crisis. Its global hotel portfolio currently comprises 90 properties with a total value of EUR 6.7 billion.