Berlin: €60mn for Interconti near Zoo
The InterContinental Hotel near Berlin Zoo will be modernized for about €60mn, as owner Union Investment and operator IHG have announced. Work is to start in May and be completed by late 2022 under full operation. At the same time, Union Investment extended the lease with IHG to 30 years. The hotel on Budapester Straße with 498 rooms and 60 suites has been in business since 1958; it has been in the portfolio of open-ended private real estate fund UniImmo: Deutschland since 2000. The roughly 70,000 sqm building is currently valued at about €185mn. Union Investment is supported on the project by Hogan Lovells; IHG is advised by DLA Piper.
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