PBB finances hotel tower with €157m loan

By James Buckley - Wednesday, February 07, 2018 14:30

PBB Deutsche Pfandbriefbank has issued a €157m loan to subsidiaries of Groß & Partner Group for construction of ‘The Spin’, a hotel and office tower in Frankfurt's central Europa quarter.

The distinctively-featured high-rise building, by renowned architect Hadi Teherani, will be located on the corner of Güterplatz and Mainzer Landstrasse, near the central railway station, and neighbouring Frankfurt’s trade fair centre, as well as the Skyline Plaza shopping centre. Groß & Partner, a Frankfurt-based and family-managed development company, is focusing on the development of high-quality office, residential and commercial properties, as well as on urban development in the Rhine-Main region.

The building will have a total area of some 26,500 sq m. Two-thirds will be used for hotel accommodation, under a 21-year lease to the German subsidiary of NH Hoteles Deutschland GmbH, the German subsidiary of NH Hoteles Group, which will operate a four-star hotel of its NH Collection brand. The top ten floors of the 32-storey building will be used as offices. Gerhard Meitinger, Head of Real Estate Finance Germany at PBB, said: "Frankfurt has seen very strong increases in the numbers of business travellers, as well as tourists, over recent years. The location of the planned new building, in direct vicin-ity to the Messe and the central station is positive for a hotel, as well as for an office location, and an attractive alternative to the central business district. We have come to know Groß & Partner as very professional counterparts, and we are delighted to continue our cooperation with them."

Nikolaus Bieber, Managing Partner at Groß & Partner, said: "pbb has dealt with the challenges presented by the project in an outstanding fashion, and has provid-ed excellent support."

jbuckley@costar.co.uk

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