BNP Paribas REIM fund buys hotel new-build in Hamburg-Altona, Germany

BNP Paribas Real Estate Investment Management (BNP Paribas REIM) has acquired, on behalf of one of its funds, a hotel new-build in the Hamburg-Altona district. The property encompasses more than 10,000 square meters (108,000 square feet) and features 220 modern hotel rooms and 44 apartments operated by hotel brands Moxy Hotel and Residence Inn by Marriott.

Parent company of the two brands is Marriott International, the world’s largest hotel group with 30 different brands and 7,000 hotels in 131 countries. The property, which was sold by the Benchmark Group, a property developer active throughout Germany, is under long-term lease.

The asset, which was completed in 2021, is located at Kühnehöfe 8-10 in Hamburg’s Altona-Nord district. Access to public transportation from the location is provided by several suburban train lines and bus lines in the vicinity. Federal highway B431, one of Hamburg’s most important main roads, provides convenient access to the property