Christie & Co brokers Sale of Hotel Excelsior in Lübeck to LFPI
The established Hotel Excelsior in Lübeck will be in the hands of LFPI's German subsidiary soon.
From September 1st, the Hotel Excelsior in Lübeck will be run by LFPI Hotels Deutschland GmbH. Hotel property consultant Christie & Co has brokered the sale of the 3-star establishment to the German subsidiary of the French fund on behalf of the hotel’s previous owners. The employees were also transferred.
Originally built around 1900, the hotel comprises of three sections. It has 81 classically elegant rooms, a breakfast restaurant, a garden terrace and a conference room with modern facilities. The use of two combined heat and power units restricts energy costs to a minimum. Thanks to regular renovation and modernisation measures by Halina and Jens Musche, the previous owners, the Hotel Excelsior has performed strongly in business terms over recent years.
Stephan Brüning, Senior Consultant Investment & Letting at Christie & Co in Berlin, who facilitated the deal, explains: “This transaction underlines the current appeal of hotel markets in German coastal towns, which attract both leisure and business travellers.
“Lübeck in particular has been enjoying rising figures for overnight stays for some years, with demand increasing three times as rapidly as the supply of beds. Given the shortage of supply in A locations, firmly established hotel businesses like the Hotel Excelsior in Lübeck are becoming popular among investors.”
Jens Musche adds: “We are proud of the fact that the hotel has such a good reputation. Since acquiring the hotel in 2003, we have steadily and purposely renovated, modified and expanded the premises. We believe LFPI is the right partner to take over the successful management of the hotel, and we wish them the best of luck.
“We would also like to thank our bank, Sparkasse Lübeck; our tax advisers, SHBB Steuerberatungsgesellschaft mbH in Kiel; the law firm Goerg in Schwerin and Christie & Co, who advised us effectively during the transaction.”