Munich, 19th December 2001 — Astron Hotels have signed a lease to add the previously privately operated Hotel Ambassador in Ingolstadt to their portfolio. The Hotel is to be re-branded as Astron Hotel Ambassador Ingolstadt.
Jones Lang LaSalle Hotels advised the owner on finding a suitable operator and negotiated the lease contract with Astron. “This hotel offers Astron a unique opportunity to expand their German portfolio with a strong performing hotel in this strategic location to the north of Munich, one of Germany’s most vibrant economic epicenters” stated Christoph Härle, Senior Vice President at Jones Lang LaSalle Hotels.
Ingolstadt is home to the headquarters of Audi and other large generators of corporate hotel demand. It benefits from a strategic location in the centre of Bavaria, making it an attractive destination for conferences and meetings. In addition, the hotel has good transport access, with both Munich Airport and Nuremberg Airport 45 minutes away.
Jones Lang LaSalle Hotels sold the former Queens Moat House hotel to the current owner in 1997 and the hotel had been operated privately since. The private investor, who also owns other hotels in Germany, has invested around €3.5 million into the renovation of the hotel since the take-over. While the hotel has been established in the market for years, the owner recognised an established brand in the business and conference sectors would help boost hotel revenue. The long-term lease provides the owner with a long term income security and removes the day-to-day management responsibility.
“The owner sought a long term lease, which we have achieved, with the 25-year lease due to start as early as January 2002”. The lease structure is a favorite amongst German investors, particularly the institutional property funds, offering the investor a guaranteed level of rent (ie regular secure income) as well as meeting their objective of long term investment. Other lease deals to complete in 2001 include the Radisson SAS Frankfurt, Courtyard by Marriott Roissy, Le Meridien Vienna and the Sol Melia in Frankfurt.
The hotel was first opened in 1972 as the first Holiday Inn Hotel in Germany, timed to coincide with the Munich Olympics held in that year. The property has 119 guest rooms as well as nine
conference rooms totaling 450m². The current owner has undertaken a significant refurbishment program to position the hotel as a high quality four start hotel.
Astron Hotels & Resorts currently operates 55 hotels in Germany, Switzerland and South Africa. “Astron has established itself as one of Germany’s dominant brands in the business and conference segments. Astron have a high operating efficiency, achieving an average GOP of over 40% throughout their portfolio” concluded Mr Härle.
|
Post Release
Get Content
Email News Brief
Saved Articles
Advertising
Handheld
XML/RSS
Post News