CA Immo celebrates ground-breaking for Meininger hotel in Vienna

Budget hotel of the MEININGER chain being built close to Augarten park in the capital's second district


Acting as investor and project sponsor, CA Immo will complete the new hotel at Rembrandtstrasse 21 – and hand it over to the German operator, the MEININGER Group – by October 2011. MEININGER will lease the 132-room hotel for a period in excess of 20 years. The budget hotel chain provides comfortable, service-oriented accommodation for price-conscious travellers. With their latest offering in Vienna, they will hope to attract a younger clientele in particular. Internationally, the group has successfully extended its concept to ten hotels in six cities.

This latest hotel in Vienna's second municipal district will be centrally located between the expanse of the Augarten park and the Danube canal; the underground stations of Schottenring and Rossauer Lände are a short walk away and district one, with its wealth of entertainment, cultural and culinary attractions, is also within easy reach.

According to Oskar Kan, managing partner at MEININGER, “We will be operating within the parameters of our strategic concept at the new site in Vienna – meaning a central location with convenient transport links, good quality and low rates. The new property will be our second MEININGER hotel in Vienna alongside our City Hostel & Hotel in the 10th district. In line with our strategy of international expansion, we are planning to open another hotel in the second district in November 2011 and a property in Salzburg in May 2011”.

Gerhard Kubik, district director for Vienna Leopoldstadt, believes that, “A long and difficult process is now reaching a conclusion. We considered a lot of ideas and plans, and now the best one – that put forward by the MEININGER hotel group – is being put into practice. We have broken the ground for a hotel close to the city centre, a hotel with a highly attractive design and a credible financing plan behind it. This is a good day for the future of Leopoldstadt”.

Bernhard H. Hansen, the CTO of CA Immo, stresses that, “This development project will fill a vacant site in a typical residential district of Vienna. Development of the site in this way has been made possible by constructive cooperation with representatives of the Vienna municipal authorities, residents and the MEININGER Group”. CA Immo will build another hotel for the chain by 2011, this time on Fürbergstrasse in Salzburg (attached to the Zentrum im Berg shopping centre). CA Immo will be investing up to € 20 m in the properties.

MEININGER is a budget hotel chain. Established in 1999, the company now has 10 properties, two of which are outside Germany (in Vienna and London). In total, the group's hotels provide 3,188 beds at present. Thanks to a strategy that combines central locations with good quality and low rates, MEININGER has succeeded in expanding rapidly, doubling its turnover at least every two years over the past decade of operations. The company plans to maintain this strategy of expansion over the next five years. MEININGER received the European Hospitality Innovation Award at the end of 2009. With its AA rating in the Treugast Investment Ranking, MEININGER is marked out as a blue chip company. The group has head offices in Berlin.

About CA Immo
CA Immo was founded in 1987. The company develops and invests in commercial real estate (with a focus on offices) in Austria, Germany and Eastern Europe. As at 30 June 2010, the company's total property assets amounted to some € 3.6 bn. CA Immo is listed on the Vienna Stock Exchange, with free float of around 90 % at the present time.

Please address any questions to:
CA Immobilien Anlagen AG

Susanne Steinböck
Tel.: +43 1532 590 7533

Pictures of the event (slide show)
<link fileadmin bilder visualisierung_meininger_wien.jpg _blank download>Download visualisation MEININGER hotel Vienna (10 MB; credits: Zoom)

Friday, 08. October 2010 16:00