Motel One sells two more hotels in Berlin and Nuremberg
The Motel One Group has sold its hotels near Berlin’s main station (Invalidenstraße 54) and in Nuremberg-Plärrer (Steinbühler Straße 13) to LHI Leasing and leased them back. The sale price was €77mn; the book gain is quoted at €47mn. Financing was provided by Berlin Hyp. The chain had previously sold the hotels Munich-Sendlinger Tor and Berlin Hackescher Markt to LHI and leased them back as well. Thanks to the book gain, profit after tax rose from €5mn in Q1 2016 to €43mn. The Munich-based firm is currently operating 56 hotels (last year: 53). Revenue increased by 12 % to €82mn, with average occupancy rates of 71 % (64 %) of capacity.