AVONIA Real Estate GmbH of Leinfelden-Echterdingen has joined up with MERKUR Development Holding GmbH of Rüsselsheim to acquire the Weber site in the Otto-Bayer-Str. 8-10 in Esslingen am Neckar. This Esslingen JV, the Otto-Bayer-Str. Grundstücks-GmbH, is in the process of building a new hotel with about 7,000 sqm of above-grade gross floor space, to be commenced as soon as the present buildings have been vacated by early 2018. The investment is about 28 million euros, with completion scheduled in 2019.
The new hotel will be run by the NOVUM Hotel Group of Hamburg under its “niu” brand.
The almost 4,000 sqm site is ideally located for traffic in Oberesslingen, adjoining the inner-city. Plans call for 225 hotel rooms on six floors, and about 60 parking spaces. Reimund Sigel, CEO of AVONIA Real Estate GmbH explains, “We are confident that this is the right site for a hotel, considering its closeness to Messe Stuttgart and the airport, and the rising demand for overnight accommodations”. Marcus Hientzsch, CEO of MERKUR Development Holding GmbH adds, “We plan to apply for a permit by the end of Q2/2017”.
David Etmenan, CEO and owner of the NOVUM Hotel Group explains, “Due to its proximity to the inner-city, the B10 highway, and public transportation, this site is the ideal one for us to achieve sustainability and innovation in an urban context”.