PROJECT sells hotel property to Premier Inn

PROJECT Immobilien Wohnen und Gewerbe GmbH has sold the fourth construction phase of a neighborhood development totaling more than 30,000 square meters at Wendenschloßstrasse 142 in Berlin-Köpenick to a subsidiary of Premier Inn Holding GmbH. The new hotel being built there in the south-east of Berlin will be made up of 157 rooms with a gross floor area of around 5,224 square meters and around 50 outdoor parking spaces. Construction is expected to start later this year. With the projected completion in 2025, Premier Inn will then both operate and own the hotel. Premier Inn is striving for such an owner-operator role in more and more projects. This gives the hotel chain increased commitment to a location than would be the case with a fixed-term lease model.

With an attractive waterfront location directly on the Dahme River, the development of a neighborhood divided into four construction phases has been planned on the site of the former Köpenick radio plant, consisting of condominiums, rental housing, publicly subsidized housing and commercial units. A total of around 20,000 square meters of different types of living and almost 10,000 square meters of commercial space will be created. "This means the neighborhood combines a diverse mix of properties at one location," says Martin Neumann, managing director of PROJECT Immobilien. "This allows for the creation of vibrant neighborhoods that benefit everyone." Hotel projects as part of urban district developments are also a focus of Premier Inn. "The majority of new projects for Premier Inn are now mixed-use developments," explains Chris-Norman Sauer, Acquisitions Director at Premier Inn Germany: "A sustainable mix of uses, as in this Berlin project, is also a critical asset for real estate valuation."

The hotel in Berlin-Köpenick is the second time PROJECT Immobilien has sold a project development to Premier Inn. In 2021, the brand acquired the new building with 296 rooms at Alexander-Meißner-Straße 2 in the Business Park Berlin, which was about to open, located right next to BER Airport and close to the Tesla plant in Grünheide. These two developments will bring the total number of Premier Inn hotels in the capital to five and the number of rooms to almost 1,200. The three houses that are already in operation have so far accommodated guests at Alexanderplatz, in Charlottenburg and in Wilmersdorf.

Since the opening of the first hotel in Frankfurt am Main in 2016, Premier Inn has become one of the fastest growing hotel brands in Germany. Since then 45 hotels have opened. The brand has additionally secured almost as many other projects currently under construction or in the planning stage by means of purchase or lease agreements. "Up to 400 homes are planned in total," explains Acquisitions Director Sauer.

With its main office in Nuremberg, the PROJECT Immobilien Group has worked successfully in the areas of residential and commercial properties in the metropolitan regions of Berlin, Hamburg, Munich, Nuremberg, Rhine-Main, Rhineland and Vienna for over 25 years. 
 

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(Source: PROJECT Immobilien & Priemier Inn, 02| 09 | 2023 | "PROJECT Immobilien verkauft Hotelimmobilie in einem bis 2025 entstehenden Mixed Use-Quartier in Berlin-Köpenick an Premier Inn" | Link zur PM)