Dortmund, 2nd May 2022 - Dr. Peters Group has successfully repositioned the former Star Inn Hotel in Karlsruhe (purchased in 2019) on the market: In mid-February, the 3-star business hotel at Siemensallee 86 in the Siemens Industrial Park was re-opened as the Plaza Inn. Prior to this, the "Plaza Inn Karlsruhe", with its 134 rooms, was extensively refurbished by the Dr. Peters Group, in close cooperation with the new hotel operator. At the end of 2020, the former tenant was forced to file for insolvency due to the pandemic and a successor for the hotel had to be found.
"Despite the difficult initial situation due to measures to contain the corona virus pandemic, our asset management has succeeded in re-letting the premises to the Plaza Hotel Group as early as April 2021, with a 25-year lease agreement”, reports Nils Hübener, the Holding Managing Director responsible for Dr. Peters Group's real estate business. Hübener continues: "The good location of the modern hotel was a major contributing factor”.
The hotel lies northwest of Karlsruhe centre in the Siemens Industrial Park. The roughly 28-hectare industrial estate is home, not only to Siemens AG companies, but also numerous other firms and service providers, among them many high-tech firms.
According to Yonca Yalaz, Managing Director of the Plaza Hotel Group: "Karlsruhe has been a target location for us for many years, so we are delighted to be able to incorporate our sophisticated design concept into the Plaza Inn Karlsruhe”. The Plaza Hotel group currently operates over 40 hotels in the DACH region, totalling more than 6,000 bedrooms in the 3-to-4 star standard.
The city hotel sector also recovering after the pandemic
In the past two years, city-based hotels have been the hardest hit of all sectors of the entire real estate market by the corona virus pandemic. However, for some weeks now, there has been a clear rise in demand, and prices for overnight stays are increasing noticeably. "It can be assumed that, as with the holiday hotel industry, occupancy rates in city hotels will increasingly stabilise. Meetings, conferences, trade fairs, and cultural events are once again permitted, and private city breaks are also again on the increase", Hübener says, and continues: "According to CBRE, the hotel investment market in Germany reached a transaction volume of €470m in the first quarter of 2022. Demand for hotels from institutional investors is picking up again.
About Dr. Peters Group:
Dr. Peters Group is an owner-operated, independent group of companies owned by the Salamon family. The group has been structuring and managing real estate investments for private and institutional investors since 1975. The very first products were funds with which investors could successfully invest in real estate. The focus was, and still is, on the hotel, retail, and care sectors. Dr. Peters Group has launched 146 funds in total - with more than 95,000 shares and a total investment volume of over €7bn. This makes the Dr. Peters Group one of the leading German providers of tangible asset investments. Dr. Peters Group employs around 120 people at its locations in Dortmund, Hamburg, and London.
For further information, please go to www.dr-peters.de
Head of Corporate Communications
Dr. Peters Group
Telephone: (0231) 55 71 73 - 580