German investor Commerz Real has acquired the 4-star hotel Steigenberger Hotel de Saxe in Dresden for its open-ended real estate fund Hausinvest.
Financial details were not disclosed.
The property has 185 rooms, plus a total leasable area of 13,500 m2, with 12,300 m2 accounted for by the hotel.
The areas are leased in the long term to the hotel chain Steigenberger Hotels & Resorts, which is part of the Deutsche Hospitality umbrella brand. Erected in 2006 and extensively refurbished in 2019, the hotel offers a restaurant, a lobby bar, a spa and wellness area, as well as conference rooms.
In addition, the ground floor and lower level accommodate four retail areas on about 1,200 m2, leased to Geox footwear, the perfumery chain Douglas, Fotostudio Picture People and Brocante Antik, as well as an additional restaurant, which is operated by the Radeberger Brewery.
'Steigenberger Hotel de Saxe has been on our wish list for a long time now,' said Dirk Schuldes, global head of hospitality and shopping at Commerz Real. 'For this reason we are very pleased that we have been able to acquire it for our investors in the framework of an off-market transaction.'
Located directly on ‘Neumarkt’, the hotel is situated in the heart of the inner old town, right opposite Dresden Frauenkirche. The Semperoper opera house, the Zwinger palatial complex, Dresden Castle and the central station are all within about ten minutes’ walking distance.