Seller is Germany’s largest hotel developer
Dubai-based real estate developer Select Group has announced the acquisition of the 344-room niu Air Frankfurt Hotel from GBI AG, Germany’s largest hotel developer. Located at Rebstock Park on Frankfurt’s Leonardo da Vinci Allee, the hotel is scheduled for completion in Q4-2019.
“We are very pleased with the addition of ‘niu Air Frankfurt’ to Select Group’s growing hospitality portfolio. This acquisition is in line with our strategy to invest in core European markets with a sound growth potential,” commented Rahail Aslam, Group CEO, Select Group.
“This is an impressive endorsement of how attractive the hotels developed by GBI AG in Germany have become for real estate companies operating worldwide. Choosing us from a global selection speaks for a high real estate and investment quality,” said Reiner Nittka, CEO, GBI AG.
