Commerz Real Acquires Hotel in Berlin

Commerz Real just acquired a hotel project development in Berlin on behalf of its open-ended “hausInvest europa” real estate fund. The property, which is located in the central district of Mitte, has a gross lettable area of about 10,400 sqm, 303 rooms, and an underground car park. The future tenant, the Motel One hotel chain, has signed a forward commitment for a 25-year lease that will commence with the completion of the building in December 2010. The total investment volume amounts to approximately 23 million euros. The property was sold by GBI AG in Berlin, a real estate developer and investor specialising in hotels, that has completed and placed a total of 17 hotel projects since the company was formed in 2001.

“The Motel One hotel on Spittelmarkt comes with a superb location in the very heart of Berlin. It stands out due its highly modern and above-average fit-out quality – considering the price category – and its attractive design,” said Hans-Joachim Kühl, Member of the Management Board of Commerz Real AG and in charge of real estate acquisitions. “This acquisition helps us to expand our hotel portfolio across all funds to a total of approximately 330 million euros. We continue to take an interest in hotels leased to renowned operators.”

Berlin represents a significant political hub in Europe and a rallying point for the media, for the economy, for culture and for science. In addition to national and international administrations and representations, the tourist industry generates a steadily increasing flow of visitors that has made Berlin one of the most frequently visited cities in Europe.