Select Group Acquires ‘niu Air Frankfurt Hotel’ From Project Developer GBI AG
Select Group is pleased to announce the acquisition of the 344-room niu Air Frankfurt Hotel from GBI AG, Germany's largest hotel developer. Ideally located at Rebstock Park on Frankfurt's Leonardo da Vinci Allee, the hotel is scheduled for completion in Q4,2019.
Situated at the gateway to the much frequented exhibition grounds, the hotel will feature an innovative and open Living Lobby as a gathering place not only for hotel guests but also for locals. Catering to the modern traveller, all rooms are equipped with bluetooth boxes, numerous sockets, USB ports, smart flat screens and high speed Wi-Fi. An Instagram wall and background beats throughout the building are additional distinctive features of the brand.
Commenting on the purchase, Rahail Aslam, Group Chief Executive Officer, Select Group, stated: “We are very pleased with the addition of 'niu Air Frankfurt' to Select Group's growing hospitality portfolio. This acquisition is in line with our strategy to invest in core European markets with a sound growth potential. The combination of GBI AG's credible track record of delivery, Novum Hospitality Group's expertise in hotel operations and the hotel's strategic location, being in close proximity to major demand drivers such as the Frankfurt Messe and airport, will certainly place niu Air Frankfurt as a destination of choice for the discerning consumer and a great showcase for the exciting 'Niu' brand.”
Reiner Nittka, CEO of GBI AG, considers the deal with Select Group a significant achievement. "This is an impressive endorsement of how attractive the hotels developed by GBI AG in Germany have become for real estate companies operating worldwide. Choosing us from a global selection speaks for a high real estate and investment quality.'
"The thriving hotel market in Frankfurt with its steadily rising demand was decisive for our commitment to this transaction," explains Uwe Hellendahl, Managing Director, Duxton Capital - the transaction advisors for this acquisition. “According to PwC's European Cities Hotel Forecast, room revenues in Frankfurt increased by 3.7 per cent to EUR 85 in 2017. Revenues are forecast to continue rising over the next two years and for the first time Frankfurt recorded over nine and a half million stays.”
Like all hotels of the niu brand, the name of this hotel is also inspired by its location and surroundings. niu Air Frankfurt is located at the Leonardo da Vinci Allee. Hence, the epithet is 'Air' which refers to aviation and is a tribute to the aviation pioneers who have also been the godparents of the street names close-by. The air theme continues and is also reflected in the contemporary interior design that is inspired by the first aviation experiments, including Zeppelin & Co.
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