Stuttgart: Zurich buys Motel One from Reiß & Co.
Reiß & Co. has sold the Motel One planned on Kriegsbergstraße to Zurich Group Deutschland in a forward deal. Reiß & Co. reports it will get the project ready for occupation and then transfer it to the operator and end investor. BayernLB is responsible for the financing. E&G Real Estate brokered the deal for the seller. Construction is to begin in the first quarter of 2019; completion is anticipated for the fourth quarter of 2020. The garage underneath the 410-room hotel with about 150 parking spaces has been leased long-term to Parkraumbetreibergesellschaft mbH, a subsidiary of the state of Baden-Württemberg.
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