Investor Whitbread intending to open a Premier Inn-brand hotel in the second new-build at Hamburg Heights urban quarter
HOCHTIEF Projektentwicklung has sold the Height4 hotel project off-plan to the UK’s biggest hospitality group, Whitbread plc, by way of a forward deal. Height4 is part of the Hamburg Heights urban quarter that HOCHTIEF Projektentwicklung is developing in Hamburg-Altstadt. It was agreed that no details of the purchase price would be disclosed. Construction is forecast to start before the year is out. Premier Inn GmbH—the German sister company of the British hotel market leader of the same name and also part of the Whitbread group—is expected to start operating the premium budget hotel with around 185 rooms in summer 2018. The Premier Inn will have 36 parking spaces in the Hamburg Heights underground parking garage.
The new Height4 building will be constructed on a 1,440-square-meter southeast section of the lot, between Dovenfleet and Willy-Brandt-Strasse. The Hamburg Heights urban quarter on the site known as “Spiegel Island”—between Jungfernstieg and HafenCity—consists of the two listed office high-rises Height1 and Height2, the two new hotel buildings, Height3 and Height4, and a residential building, Height5. Height1 is already being used in its entirety by a corporate law firm and has been sold to a subsidiary of the private bank, Berenberg. Height3—the future Adina Apartment Hotel—was purchased off-plan by Commerz Real for the open real estate fund, hausInvest.