Pbb Deutsche Pfandbriefbank has written a €28 million loan for a hotel development in Hamburg.
The loan has been provided to German developer GBI Group for the development in the Hamburg-Borgfelde district of the city.
The project includes the construction of a budget hotel under the Marriott brand ‘Moxy’ with a total of 290 rooms. Located on Anckelmannstrasse, the scheme is around 2 kilometres from the city’s central station.
Construction work is scheduled to start in the middle of the year. The loan closed in December 2016, pbb said.
“With a cross-divisional team focusing on hotels, pbb Deutsche Pfandbriefbank has built up considerable and deep expertise in this sector for years. We have enjoyed long-term cooperation with the GBI Group on various projects, and we value the recent experience gained working together upon the successful implementation of hotel projects. As we see further potential for the hotel market in Hamburg, we were happy to support this project,” said Gerhard Meitinger, head of real estate finance Germany at pbb Deutsche Pfandbriefbank.
“It is important for our projects to have financing partners who are not only reliable, but who also understand the numerous special characteristics of hotel developments. We made a good choice with pbb Deutsche Pfandbriefbank. Our cooperation already proved successful in the course of our hotel project at Stuttgart Airport,” added Reiner Nittka, chairman of the management board of GBI AG.