Azure Hotels has purchased Hamburg’s tallest hotel – the Radisson Blu Hotel Hamburg.
London-based investor and operator Azure Hotels acquired the hotel from Invesco in one of the largest single asset hotel transactions in Germany this year. Azure Hotels had previously sold the hotel to US-based management company Invesco in 2009.
Azure Hotels has also agreed a 35-year lease with the city of Hamburg that includes permission for a €194 million renovation of the Congress Center Hamburg and the surrounding area. The refurbishment is expected to be completed in 2019.
At 108 metres high, the Radisson Blu is the tallest hotel in Hamburg and the second tallest building in the city. The hotel, located adjacent to the city’s botanical gardens, is 20 minutes from Hamburg airport and 100 metres from Dammtor railway station.
John Nielsen, Deputy CEO and head of operations for Azure Hotels, said: “This transaction marks Azure Hotels’ re-engagement with the city of Hamburg and represents an unusual opportunity to add value to an asset that we have previously refurbished and improved. That history with the hotel means that we acutely understand the property and the opportunities to enhance both guest experience and asset value.
“Hamburg is a thriving, exciting and evolving city. With the investment into the area from the City of Hamburg and with its ongoing bid to host the 2024 Olympics, its position as a business and cultural centre is set to grow further in the coming years and we look forward to playing our part in enhancing the fabric of this great city.”