Commerz Real buys five-star hotel in “Four Frankfurt”
Commerz Real is taking over the roughly 9,000 sqm of hotel and retail space of the “Terra” tower in Frankfurt’s high-rise quarter “Four” for the open-ended private fund “Hausinvest”. The seller is developer Groß & Partner. The building section is being constructed on Junghofstraße 9-11, the landmarked façade will be preserved. Once completed, the “Terra” tower will be about 120 m high and offer around 28,000 sqm floor space. The roughly 8,000 sqm hotel space have been pre-let for 30 years to InterContinental Hotels Group, who intends to open a five-star establishment of the Kimpton brand with at least 150 rooms. Although the investment volume for the 9,000 sqm was not released, it is estimated to be somewhat more than €100mn, as TD learned from market insiders. The purchase price is not due until the turnkey hand-over, which is planned for early 2024. Four high-rises are being built on the former Deutsche Bank site, one of which Union Investment acquired in its entirety last summer.
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