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Mannheim: Accorinvest buys hotels and apartments in "Postquadrat"
Accorinvest Germany, which belongs to the Accor Hotel Group, will be the end investor of the hotels in Mannheim's large-scale project "Postquadrat". The purchase contract concluded with the developer Eyemaxx refers to two ibis brand hotels with a total of 325 rooms as well as 130 Adagio Access apartments. There are also 80 underground parking spaces. Start of construction is planned this fall, with opening expected in spring 2019. Accorinvest will also operate the hotels. The oral agreement on the transaction was initially reported in March and at that time a purchase price of €45mn was mentioned. The total project volume for the "Postquadrat" near Mannheim's main railway station is over €170mn. Eyemaxx expects a return on equity in the mid double-digit percentage range.
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