German property investor Commerz Real has signed the deed for the InterCityHotel Berlin Airport project in Berlin. IVG Development, the project development division of German investor IVG was the vendor.
German property investor Commerz Real has signed the deed for the InterCityHotel Berlin Airport project in Berlin. IVG Development, the project development division of German investor IVG was the vendor.
The hotel will be added to the ProCommerz institutional fund following completion which is expected in the first quarter of 2010. The total investment volume comes to EUR 22mln. The 8,500 m2 property is leased for a 20 year lease term to InterCityHotel, a fully-owned subsidiary of Steigenberger Hotels.
'We are pleased to have found a buyer for this attractive project at such an early state,' commented Andreas Barth, head of IVG's development business.
Construction of the 3-star airport hotel by the Berlin branch of IVG Development is scheduled to begin in September 2008 with completion expected by end-2009. The hotel project is located on the grounds of Berlin’s Schönefeld Airport, which is to be expanded to the Berlin-Brandenbury International (BBI). The number of passengers the airport will handle after 2011 is forecast to reach 22 mln annually.
