NATIVES and MOUNT found a joint venture and start the first hotel renovation in Berlin-Kreuzberg

The Berlin-based real estate development company NATIVES Capital GmbH (NATIVES) and MOUNT Real Estate Capital Partners GmbH (MOUNT) have signed a long-term joint venture agreement that enables a partnership to convert hotels into serviced apartments across Germany.

At the start of the cooperation, NATIVES and MOUNT acquired their first hotel in Berlin-Kreuzberg. The complete renovation of the building will begin in mid-2022 and is expected to be completed by the end of 2022. After completion, the building will offer 54 fully furnished serviced apartments. The property will be operated under a general rental agreement by Limehome GmbH, Europe’s leading technology provider for short-term rentals. The total investment volume is in the low double-digit million range.

The property is in a prime location in Berlin-Kreuzberg, just a few minutes walk from Potsdamer Platz, the business district on Gendarmenmarkt and Friedrichstrasse or the Berlin House of Representatives. The Wilhelminian style building, built in 1868, currently houses a hotel with 50 rooms on a gross floor area of 2,600 m². After a comprehensive renovation, which includes the expansion of the attic and the restoration of the facade based on its original splendor, the property will include 54 serviced apartments in the premium segment with modern equipment, fully equipped kitchens and the latest energy-efficient technology.

As part of the long-term rental agreement with Limehome, the apartments will be marketed as short-term accommodation for business and leisure travelers. Limehome has specialized in the operation of design-oriented serviced apartments, with a strong focus on the digitization of the customer journey and the back office. The Munich-based company is currently represented at more than 90 locations in 43 cities in Germany, Austria, the Netherlands, Great Britain and Spain.

NATIVES and MOUNT have agreed a long-term partnership with the aim of developing investment grade serviced apartment properties by converting hotels in prime locations throughout Germany. NATIVES acts as a project developer and MOUNT provides equity and arranges the mezzanine capital.

Felix Radavero, founder of NATIVES, says: “The current transformation of the hotel industry is being driven by changing consumer behavior and new technology-based business models. Another factor is the demographic change in our cities. Small hotels in particular have the opportunity to adapt to the new needs of urban target groups. With the combined strength of NATIVES and MOUNT, we want to be part of the solution by implementing future-oriented usage concepts that unlock the full potential of accommodation providers and create sustainable value for investors.”

Timo Tschammler, Managing Partner of MOUNT, said: “The hotel world is undergoing an accelerated structural change. For some properties, as in the case of our recent acquisition in Berlin-Kreuzberg, the conversion from a hotel to serviced apartments can open up a new, very successful future. We are pleased to have found a partner in NATIVES who understands this exciting asset class and the associated opportunities.”


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