With the acquisition of the lifestyle hotel Andaz Vienna am Belvedere, Deka Immobilien has secured a high-quality asset in a central Vienna location for its open-ended real estate fund WestInvest InterSelect at a purchase price of approximately €92 million.
The property is leased on a long-term basis to MHP Hotel am Schweizergarten GmbH, an experienced partner in the premium and luxury segments, which will operate the hotel under the international Hyatt Regency brand. Deka and MHP already maintain a trusted business relationship, which is being expanded to include an additional location through this acquisition. The seller is a joint venture between two affiliates of Hyatt Hotels Corporation and Signa Development Selection AG.
The transaction marks the first hotel investment for WestInvest InterSelect in Vienna and fits ideally with the fund’s strategy of further advancing its geographic diversification.
Photo credit: Hyatt
Photo credit: Hyatt
Photo credit: Hyatt
Designed by Renzo Piano, the hotel is located at Arsenalstraße 10 in a location that is popular with both tourists and business travellers, close to Vienna Central Station. It forms part of the high-quality Quartier Belvedere urban development area and benefits from proximity to a number of key urban demand drivers, including Belvedere Palace, the Museum of Military History, the Botanical Garden and the diplomatic quarter.
Completed in 2019, the hotel comprises a total lettable area of 26,179 qm spread across 16 floors. It offers 303 rooms, including 44 suites, as well as four food and beverage outlets, including a rooftop bar. With approximately 2,200 qm, the hotel also features an exceptionally spacious and modern conference area by Vienna hotel market standards. The property additionally includes 233 underground parking spaces (62 spaces dedicated to the hotel).
The property is designed for high energy efficiency and sustainable operation and is certified to LEED Gold standard for sustainable construction. Among other features, it utilises district heating and cooling, an automated sun-shading system to reduce energy consumption, and modern heat recovery systems.