German lender Deutsche Hypo has led a €162 mln financing deal for the Maritim Hotel in Dusseldorf, enabling Commerz Real to buy and lease back the property to the hospitality group.
In the deal, Deutsche Hypo acted as consortium leader for a club including the Sparkassenfinanzgruppe banks of SSK Dusseldorf, KSK Dusseldorf, KSK Cologne, SK CologneBonn, SK Gelsenkirchen, SK Hannover and SaarLB.
Under the arrangement, new owner Commerz Real has inked a 30-year lease deal with the hotel's long term operators, Maritim.
'Dusseldorf is a strong economic region as well as an important trading and transport hub in Germany with a very good growth prognosis,' said Martin Suchsland, head of asset structuring financial products at Commerz Real.
'The hotel market is profiting from the increasing number of business travellers as a consequence of the numerous international companies and trade fairs in the city,' Suchsland added.
The hotel, which is located at Dusseldorf Airport, is the largest conference hotel in North Rhine-Westphalia and one of the largest properties in the Maritim chain. It has 533 rooms and suites, as well as 33 conference and event rooms for up to 5,000 people. Three restaurants, a lounge, a hotel bar and a spa complete the offer.
The property has a direct connection with the terminal at Dusseldorf Airport and 473 parking spaces in the hotel's own underground car park.
'With the Maritim Hotel Dusseldorf, we have managed one of the largest hotel financings in recent years,' said Sabine Barthauer, member of the management board of Deutsche Hypo.
'Due to its extensive range of conference rooms and event halls, the hotel also has significant unique selling points in a national and international context,' Barthauer concluded.