CA IMMO: HOTEL TRANSACTION REACHED FOR VIENNA AND SALZBURG
Two lease agreements finalised with budget hotel chain MEININGER
By 2011, MEININGER hotels will stand on two of CA Immo’s property sites: on Fürbergstrasse in Salzburg (adjacent to the Zentrum im Berg shopping centre) and on Vienna’s Rembrandtstrasse (close to the Augarten park). Both projects are due for completion in 2011, after which budget hotel chain MEININGER plans to lease the hotels for a term in excess of 20 years.
According to Dr. Bruno Ettenauer, the CEO of CA Immo, “Both of these hotels will be fully rented for the long term following their completion, which guarantees us a steady revenue stream. After working together effectively on two projects in Germany, we are very happy to have secured the cooperation of MEININGER for these sites in Austria.”
Sascha Gechter, managing partner at MEININGER, believes that, “The two sites are well suited to our strategic concept of a central location, attractive price and good quality. Following on from the excellent collaboration in Frankfurt and Berlin, we are delighted to be realising these projects in partnership with CA Immo once again. These latest sites will also enable us to push ahead with our policy of international expansion, which remains a priority.”
The Salzburg hotel will have 100 rooms, with around 130 rooms envisaged for the hotel in Vienna. CA Immo is investing up to € 20 m in the two properties. MEININGER is a budget chain of hotels offering a two-star level of comfort and service for cost-conscious guests. The company is now planning to bring its business model to Vienna and Salzburg by appealing to a younger clientele in particular. The group has already succeeded in extending its concept to the international stage, with nine hotels operating in six cities.
MEININGER is a budget hotel chain. Founded in 1999, the company operates nine hotels, two of which are located outside of Germany (in Vienna and London). MEININGER hotels currently offer 3,188 beds in total. Thanks to a strategy of offering a central location and good quality at an attractive price, MEININGER has succeeded in expanding rapidly, at least doubling its turnover every two years throughout the past decade of operations. This trend will guide the company’s strategic expansion for the next five years. At the end of 2009, MEININGER won the European Hospitality Innovation Award; the company’s blue chip status was also confirmed with an A-rating in the TREUGAST Investment Ranking. The group’s head offices are in Berlin.
About CA Immo
CA Immo, which was founded in 1987, develops and invests in commercial real estate (with the emphasis on offices) in Austria and Germany, as well as eastern Europe through its subsidiary CA Immo International. CA Immo has consolidated its foothold on the German market in the past two years: as of 30 September 2009, Germany accounted for roughly 60 % of the total property assets of around € 3.7 bn. CA Immo is listed on the Vienna Stock Exchange, with free float of around 90 % at the present time.
Thursday, 21. January 2010 09:37