AURELIUS investing massively in GHOTEL
- Acquisition of five hotel properties in Munich, Hanover and Braunschweig
- Major investments in their modernisation planned
Munich/Bonn, 1. December 2010 – The Munich-based industrial holding AURELIUS (ISIN: DE000A0JK2A8) has purchased five hotel properties in Germany. The buildings are currently used by the AURELIUS subsidiary GHOTEL hotel & living on a long-term basis. The vendor is Deutsche Annington – a real estate company specializing on residential properties.
The acquired hotel properties in Munich (three hotels), Hanover and Braunschweig are to be modernized and enlarged in the next few years as, for example, the hotel in Hanover which will be equipped with a further large meeting room for up to 300 people in 2011. With the support of AURELIUS about 6 million euros will be invested in all the hotels for their renovation and extension.
GHOTEL will continue its focus on the 3-star hotel business and intends to achieve significant competitive advantages at the above mentioned locations by new quality standards. AURELIUS supports this next important expansion step of its subsidiary GHOTEL which was part of Deutsche Post until 2005.
Subsequent to AURELIUS’ successful reorganisation GHOTEL has been operating profitably since 2007 and is generating annual sales of almost 20 million euros in 2010.
GHOTEL started expanding by opening new hotels in Koblenz (summer 2010) and in Wurzburg (by the end of 2011) and is consistently considering further openings at good locations in German cities.
“The purchase of the properties currently used by GHOTEL is a clear sign that there still remains a lot to be done with GHOTEL. It opens the way for extensive investments in comfort and quality and therefore in the future of the hotel chain,” says Gert Purkert, member of the AURELIUS Board.
“The purchase of the properties is an important milestone for the expansion of the GHOTEL Group. The financial support of AURELIUS as shareholder is yet another example that in AURELIUS we have found the right partner for GHOTEL,” says Wolfgang Zurner, Chief Financial Officer of the GHOTEL Group.
AURELIUS‘ advisors in this transaction were Colliers Property Partners, Berlin.
The GHOTEL Group (www.ghotel.de) operates altogether 14 hotels and apartment houses in the centres of nine German cities such as Hamburg, Hanover, Stuttgart and Munich offering an attractive atmosphere, high-quality conference rooms and modern living solutions as, for example, short term accommodation residences. GHOTEL Group primarily addresses travellers preferring the best value for money and a high service level in the mid-price segment.