CPA:18 Global enters agreement to fund new hotel in Hamburg
WP Carey announced that CPA:18 Global has entered into an agreement to fund the development of a new hotel in Hamburg. CPA:18 will provide approximately €25mn for the construction of the property which will be leased to the German affiliate of Melia Hotels for a period of 25 years upon completion. This follows CPA:18’s recently announced construction, funding and acquisition of a €76mn hotel in Munich. The new hotel in Hamburg will be situated on the edge of HafenCity district, a regeneration district that includes ten neighbourhoods covering 157 hectares.
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W. P. Carey Inc. announced that CPA®:18 – Global has entered into an agreement to fund the development of a new hotel in Hamburg, Germany. CPA®:18 – Global will provide approximately €25 mln for the construction of the property, which will be leased to the German affiliate of Meliá Hotels International, S. A. for a period of 25 years upon completion. This transaction follows CPA®:18 – Global’s recently announced construction, funding and acquisition of a €76 mln hotel in Munich, Germany.Upon completion, which is expected in summer 2017, the hotel will be operated under the INNSIDE by Meliá flag, a leading European hotel brand with 14 locations across Germany and Spain. The INNSIDE by Meliá hotel in Hamburg will consist of approximately 207 rooms. Amenities will include conference space, a bar, restaurant and fitness center, underground parking and a boat dock on the adjacent canal.The hotel will be situated on the edge of the HafenCity district adjacent to the route 4 thoroughfare and in close proximity to the city’s central train station. HafenCity, formerly a port area, is an urban regeneration district that includes ten neighborhoods covering 157 hectares.