Frasers Hospitality, the hospitality arm of Frasers Centrepoint Group, has unveiled its latest property in Germany’s second largest city, Hamburg, an iconic heritage building which will be transformed into a five star luxury all suites hotel aimed at business travellers on short and extended stays. Scheduled to open in 2018, the total cost of investment of the property, including acquisition and refurbishment cost is approximately SGD89.6 million (EUR56 million).
Fraser Suites Hamburg marks Frasers Hospitality’s entry into its 50th city and its third property in Germany after the addition of Capri by Fraser Frankfurt and Capri by Fraser Berlin, which are due to open in 2015 and 2016 respectively.
Prominently located in the city centre, Fraser Suites Hamburg is situated next to Rödingsmarkt station, facing the Alsterfleet Canal. Just steps away from Neuer Wall, one of Hamburg’s most exclusive shopping precincts, it is within easy access to Hamburg’s new central business district, HafenCity, and the new Elbphilharmonie Harmburg concert hall. A truly eminent landmark, the building was completed in 1910 to the design of architect Albert Erbe and, until 2011, housed the Hamburg tax authorities.
Fraser Suites Hamburg will feature 147 lavishly furnished suites with defined living, dining, bedroom areas, fully fitted kitchens, the latest home entertainment systems and modern conveniences. Travellers will be able to take advantage of its range of business and leisure facilities, which include a conference hall, meeting facilities, a restaurant, bar and a wine bar, a 24-hour gymnasium, wellness centre and complimentary high-speed Wi-Fi Internet access, a standard offering across all Frasers Hospitality’s properties.
Mr Choe Peng Sum, Chief Executive Officer of Frasers Hospitality said: “One of Europe’s most affluent cities, Hamburg is a thriving port city, with flourishing industries – port and logistics, life sciences, aviation, media and IT, renewable energy and maritime technologies1 – a choice destination for foreign investment and, a notable tourist destination.”
A major transportation hub, Hamburg ranks as one of Europe’s Top 10 most attractive destinations for foreign investment2. According to the World Tourism Organisation, it welcomed more than 5.9 million arrivals in 20133.
Frasers Hospitality’s entry into Hamburg brings its inventory in European cities to more than 1,600 serviced units, across Hamburg, Frankfurt, Berlin, Barcelona, Budapest, Paris, London, Edinburgh, Glasgow and Istanbul.
Mr Choe said: “Establishing a presence in the key cities of Germany, which has remained among the most innovative countries in the world with high investment in R&D, has strategic significance to our global growth and particularly in Europe where our serviced residences have been experiencing strong demand since we first launched Fraser Suites Kensington, London in 2002. We are now anchored in the three dominant European countries – the UK, France and Germany – that continue to lead as the top destinations for investment in the region, accounting for 50% of the FDI inflows in Europe2.”
Frasers Hospitality’s global portfolio, including those in the pipeline, stands at 94 properties in 50 key gateway cities, and more than 17,000 apartments worldwide. It is on track to double its inventory to 30,000 residence units over the next five years.
1 HWF Hamburg Business Development Corporation, Home to 170,000 Enterprises.
2 Ernst & Young’s Attractiveness Survey. Europe 2014. Back In The Game.