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Business & Finance

Expansion plans: NOVUM Hotel Group Rents Three Hotels from Aroundtown Group Subsidiary and Plans Strategic Partnership

HAMBURG, DE. May 17, 2017 - The NOVUM Hotel Group is continuing to implement its dynamic expansion plans. In a strategic alliance with Aroundtown, it is taking over three hotels in Hamburg, Mainz und Osnabruck that were previously operated under international brand names. As Germany's largest publicly listed commercial property company, Aroundtown holds a large portfolio of hotels through its subsidiary, and since April 1 of this year has been renting three of these properties to the NOVUM Hotel Group on the basis of long-term rental contracts. Further promising deals between NOVUM and Aroundtown are already being planned.

The two four-star hotels in Hamburg and Mainz, with 339 rooms between them, will be operated under the premium NOVUM Select brand, while the three-star hotel in Osnabruck will be operated under the Novum Hotel brand. As well as rebranding, all three hotels will undergo modernisation, with facelifts planned for FF&E and bathrooms.

The three new hotels will further increase NOVUM Hotel Group's national presence, with new hotels in well-established locations. The Group's total number of hotels currently stands at 138 and is steadily increasing. The two parties involved in the deal are planning further projects as part of a wide-ranging strategic partnership. 'We are extremely proud of our strategic alliance with the Aroundtown Group,' says Dave Etmenan, managing director of the NOVUM Group. 'We see it as a significant milestone in our development. As we work together with this highly professional property investor, we can see a whole range of new opportunities opening up that will help both sides meet their ambitious growth plans.'

The NOVUM Hotel Group is planning several exciting hotel takeovers in the near future. In 2016, around three million guests stayed in NOVUM hotels, generating sales of almost 120 million euros.

ABOUT THE NOVUM HOTEL GROUP

With 139 hotels and more than 15,000 rooms at over 45 locations throughout Europe, the family-managed Novum Hotel Group is one of the largest hotel chains in Germany. Established in 1988, this highly dynamic company under the management of David Etmenan has been continuously expanding since 2004. Their hotel portfolio includes centrally located three- and four-star hotels operating under the brand names of niu, Novum Style Hotels, Novum Hotels, Novum Select Hotels, and Novum LikeApart Hotels. In addition, the NOVUM Hotel Group is also a franchisee of the InterContinental Hotel Group, Best Western Hotels & Resorts and AccorHotels. www.novumgroup.de

ABOUT THE AROUNDTOWN GROUP

The Aroundtown Group is an investment company focusing on highly promising, profit-making property, primarily in Germany and the Netherlands. The group specialises in commercial and residential property with strong fundamental data and growth potential. The commercial properties are held directly by the Aroundtown Group, while the residential properties are part of a 36% holding in Grand City Properties S.A. (ďGCPĒ). For the past thirteen years, the Group's unique business model and experienced management team have been achieving continual growth. www.aroundtownholdings.com

For Investor Relations, Aroundtown Group Contact:
Timothy Wright
Head of IR and Senior Analyst
timothy@aroundtownholdings.com
+49 (0) 30 374 381 2109
Wittestrasse 30, Haus F, 13509 Berlin

Press enquiries for NOVUM Hotel Group:
Press Office
Lange Reihe 2, 20099 Hamburg
presse@novumgroup.de
www.novum-hotels.de

Coming Up In The December Online Hotel Business Review




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