Union Investment is expanding its strategic exposure to the resort hotel sector by acquiring the main Grand Palais building of the Steigenberger Grandhotel & Spa tourist hotel complex in Seebad Heringsdorf on the island of Usedom in the Baltic Sea. The property is located in a prime position on the seafront promenade, just a few minutes’ walk from the pier and the 40 kilometers long sandy beach. The buildings Palais Wilhelm and Palais Bismarck stay in property of the seller.
The acquisition is being made for open-ended real estate fund immofonds 1, which is marketed solely in Austria. The vendor and lessee is Resort Hotel Kaiserbad GmbH & Co. KG. The purchase price was not disclosed.
Source: realestate.union-investment.com on the 30th of May 2023
https://realestate.union-investment.com/en/media-centre/press-releases/2023/acquisition_grand_palais_heringsdorf.html