Select Group has acquired 344-room niu Air Frankfurt Hotel from GBI, a hotel developer in Germany, for an undisclosed amount.
Situated at Rebstock Park on Leonardo da Vinci Allee of Frankfurt, this property is slated for completion in fourth quarter of 2019.
The hotel, which is situated at the gateway to exhibition grounds, will have open Living Lobby that would serve as a gathering place for hotel guests as well as locals.
All rooms will be equipped with numerous sockets, USB ports, bluetooth boxes, smart flat screens and high-speed Wi-Fi.
Besides an Instagram wall, background beats throughout the building will serve as extra features of the brand.
Select group CEO Rahail Aslam said: “We are very pleased with the addition of ‘niu Air Frankfurt’ to Select Group’s growing hospitality portfolio. This acquisition is in line with our strategy to invest in core European markets with a sound growth potential.
“The combination of GBI AG’s credible track record of delivery, Novum Hospitality Group’s expertise in hotel operations and the hotel’s strategic location, being in close proximity to major demand drivers such as the Frankfurt Messe and airport, will certainly place niu Air Frankfurt as a destination of choice for the discerning consumer and a great showcase for the exciting ‘Niu’ brand.”
GBI CEO Reiner Nittka said: “This is an impressive endorsement of how attractive the hotels developed by GBI AG in Germany have become for real estate companies operating worldwide. Choosing us from a global selection speaks for a high real estate and investment quality.”
Duxton Capital served as advisors for this acquisition.
Duxton Capital managing director Uwe Hellendahl said: “According to PwC’s European Cities Hotel Forecast, room revenues in Frankfurt increased by 3.7 per cent to EUR 85 in 2017. Revenues are forecast to continue rising over the next two years and for the first time Frankfurt recorded over nine and a half million stays.”
The name of this hotel is inspired by its location. niu Air Frankfurt is located at the Leonardo da Vinci Allee. Therefore, the epithet is ‘Air’, as a tribute to the aviation pioneers.