Hannover Leasing acquires Leonardo Royal Hotel in Ulm

30 November 2017

A four-star-plus hotel under the Fattal Group’s Leonardo Royal brand is currently taking shape in Ulm's Dichterviertel district. Hannover Leasing has acquired the hotel from developer and hitherto owner pro invest GmbH. The investment management company plans to place the property at Mörikestraße 15-19, scheduled for completion in spring 2018, into its retail fund. Global real estate services provider Savills advised pro invest during the sale process and negotiated the sale on behalf of the vendor.

“Both the investment market and hotel market in Ulm and the surrounding area are booming and becoming increasingly international,” says Dr. Frank Urfer, Director and Head of Investment in Munich and Stuttgart for Savills. “The construction of a luxury hotel in a city-centre location is a response to the high demand for overnight accommodation in the city.”

The hotel market in Ulm’s city core currently comprises 17 properties with a further 21 hotels in adjacent boroughs. However, there is only limited coverage of the high-end segment, offering significant growth potential. The Leonardo Royal will provide a total of 148 room as well as five conference rooms, two floors of offices, a restaurant, a sauna and fitness area and a public underground car park.

The Dichterviertel area is centrally located between Ulm’s city centre and Weststadt district and is earmarked for development into an urban quarter with a mix of hotels, offices and new housing. “Our task was to remodel the site, officially declared as a redevelopment area in 2007, into an attractive city-centre quarter and to revitalise the location accordingly. We are delighted that the ambitious overall development as well as its individual uses have been so well received by both the people of Ulm and investors,” says Nikolai Staiger, Director of Development for pro invest GmbH. Michael Ruhl, Managing Director of Hannover Leasing, adds: “We are delighted to have acquired and enhanced our portfolio with such a high-quality property in a central location in the immediate vicinity of Ulm’s main railway station and the emerging Sedelhöfe.” Hannover Leasing was advised by Munich-based law firm Luther.


 
 

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Dr. Frank Urfer

Dr. Frank Urfer

Director / Head of Stuttgart Office
Investment

Savills Stuttgart

+49 711 21 390 310