Union Investment and Steigenberger Hotels AG have agreed to carry out a comprehensive refurbishment of the Steigenberger Hotel Hamburg, built in 1992.
Beginning with the underground garage and followed by the 8th floor, the hotel will be gradually updated, remaining open during refurbishment. The investment will be around EUR 50 million and the works are scheduled to start in spring 2019.
Additionally, Union Investment, the owner of the property, and Steigenberger Hotels AG have extended the lease for the hotel for another 25 years.
“Our guests are accustomed to first-class service”
“Our guests are accustomed to first-class service. This remodelling of the Steigenberger Hotel Hamburg will enable us to continue meeting their expectations,” said Thomas Willms, CEO, Deutsche Hospitality.
In addition to remodelling and refurbishment works covering all the rooms and public areas, the plans include constructing a new presidential suite and a rooftop bar. The bar will have views of St Michael’s Church and the Elbphilharmonie concert hall. A new dining concept is also planned for the ground floor.
Furthermore, intelligent control technology will transform the Steigenberger Hotel Hamburg into a smart building. Union Investment estimates that the entire building project will take around two years to complete.
“Well positioned for the future”
“By carrying out this comprehensive modernisation programme, we are ensuring that the hotel on Fleetinsel is well positioned for the future. We are delighted to have agreed to a range of forward-looking solutions with our partner Steigenberger,” said Martin Schaller, head of Asset Management Hospitality at Union Investment Real Estate GmbH.
“The makeover will enable the hotel to leverage the benefits of its exceptional location to even greater effect, thus securing valuable returns for the private investors in UniImmo: Europa.”