INNSIDE by Meliá is set to open a new hotel in Hamburg, Germany.
The hotel is currently poised to open in summer 2017. It will have approximately 207 rooms.
W. P. Carey Inc.--a global net lease REIT specializing in corporate sale-leaseback, build-to-suit construction financing and the acquisition of single-tenant net lease properties--announced that CPA:18 – Global has entered into an agreement to fund the development of the new hotel.
CPA:18 – Global will provide approximately $29 million for the construction of the property, which will be leased to the German affiliate of Melia Hotels International, S. A. for a period of 25 years upon completion. This transaction follows CPA:18 – Global's recently announced construction, funding and acquisition of an $85 million hotel in Munich, Germany.
Hamburg is Germany's second largest city, with a long history of commercial and cultural vibrancy. The city is one of Europe's top destinations and attracts a strong mix of leisure and business visitors. Hotel room supply in Hamburg has grown at a cumulative average growth rate of 3.2 percent since 2010, while demand has increased 5.8 percent during the same period.