{"id":14853,"date":"2022-01-31T10:57:27","date_gmt":"2022-01-31T09:57:27","guid":{"rendered":"https:\/\/hihinvest-gyeegbg7hxdxf8d4.a01.azurefd.net\/hih-invest-real-estate-and-intercityhotel-renew-leasehold-agreement-in-vienna-by-another-25-years\/"},"modified":"2025-02-13T23:03:10","modified_gmt":"2025-02-13T22:03:10","slug":"hih-invest-real-estate-and-intercityhotel-renew-leasehold-agreement-in-vienna-by-another-25-years","status":"publish","type":"post","link":"https:\/\/hih-invest.de\/en\/hih-invest-real-estate-and-intercityhotel-renew-leasehold-agreement-in-vienna-by-another-25-years\/","title":{"rendered":"HIH Invest Real Estate and IntercityHotel Renew Leasehold Agreement in Vienna by another 25 Years"},"content":{"rendered":"<ul>\n<li>IntercityHotel Vienna to remain at its central location on Mariahilfer Strasse at least through 2046<\/li>\n<li>Investments in the long-term appeal of the property<\/li>\n<li>Green lease clause integrated in lease to ensure sustainable use and management<\/li>\n<\/ul>\n<p> <strong>Hamburg\/Vienna, 31. January 2022<\/strong> \u2013 HIH Invest Real Estate (\u201cHIH Invest\u201d) just renewed its leasehold agreement with its anchor tenant at Mariahilfer Strasse 122 in Vienna for the long term: The IntercityHotel, offering 179 rooms on more than 6,000 square metres of lettable area, will remain at its Vienna site for at least another 25 years. The building straddles one of the largest and best-known high streets of the Austrian capital, and lies within walking distance of the Westbahnhof railway station. This makes it a perfect fit for the concept underlying the IntercityHotel brand, which primarily engages business travellers and urban tourists. IntercityHotel GmbH is a subsidiary of the hotel company Deutsche Hospitality and operates over 40 hotels in eight different countries. Deutsche Hospitality in turn maintains a footprint on three continents with its eight hotel brands.<\/p>\n<p>The leasehold agreement was renewed at a time when conditions for hotel operators were made even more difficult by the ramifications of the coronavirus pandemic. \u201cBut the renewal of the leasehold agreement with Intercity for such a long period of time goes to show that an attractive long-term outlook for the hotel\u2019s location on Mariahilfer Strasse transcends the current challenges,\u201d said Jana Wetzel, Real Estate Manager of HIH Invest Real Estate in Vienna.<\/p>\n<p>\u201cWorking in close consultation with the leaseholder, we developed a variety of measures to enhance the appeal of the property even further through capital expenditures, and to safeguard its intrinsic value for the next 25 years,\u201d elaborated Malte Wallschl\u00e4ger, Head of Asset Management International at HIH Real Estate. \u201cThis way, we managed to tie InterCity Hotel GmbH to the location for the long term while structuring the lease renewal in a manner that benefits both parties.\u201d A new component added to the agreements is a green lease clause of the type that the HIH Group has begun to integrate more and more often in its lease agreements. In the clause, a given contractual partner commits itself to the sustainable use and management of the rented property.<\/p>\n<p>\u201cThe talks concerning the lease renewal were defined by mutual respect and the joint goal to find a sustainable long-term solution. We take a positive view of the hospitality market\u2019s mid- to long-term performance, and look forward to our next quarter century in Vienna,\u201d said Thomas Knabner, Senior Director Operations at IntercityHotel GmbH.<\/p>\n<p>The building at Mariahilfer Strasse 122 in the 7th district of Vienna was completed in the year 2000. Since IntercityHotel would occupy it as anchor tenant from the start, the property\u2019s development was closely coordinated with the incoming hotel operator. HIH Invest acquired the building in 2015 on behalf of an individual fund. Out of a total lettable area of around 9,100 square metres, most of which is occupied by the hotel, retail units that complement the use concept of the property occupy 3,000 square metres on long-term leases.<\/p>\n<p>HIH Invest received both legal and business advice from KPMG in conjunction with the lease renewal. Consultancy to IntercityHotel GmbH was provided by the law firm Monlaw.<\/p>\n<blockquote  class=\"blockquote\"><p>  <em>\u201cThe renewal of the leasehold agreement with Intercity for such a long period of time goes to show that an attractive long-term outlook for the hotel\u2019s location on Mariahilfer Strasse transcends the current challenges.\u201d<\/em>  <strong>Jana Wetzel, Real Estate Manager  HIH Invest Real Estate, Vienna Office<\/strong>  <em>\u201cWorking in close consultation with the leaseholder, we developed a variety of measures to enhance the appeal of the property even further through capital expenditures, and to safeguard its intrinsic value for the next 25 years. This way, we managed to tie InterCity Hotel GmbH to the location for the long term while structuring the lease renewal in a manner that benefits both parties.\u201d<\/em>  <strong>Malte Wallschl\u00e4ger, Head of Asset Management International  HIH Real Estate<\/strong>  <em>\u201cThe talks concerning the lease renewal were defined by mutual respect and the joint goal to find a sustainable long-term solution. We take a positive view of the hospitality market\u2019s mid- to long-term performance, and look forward to our next quarter century in Vienna.\u201d<\/em>  <strong>Thomas Knabner, Senior Director Operations  IntercityHotel GmbH<\/strong>  <\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>IntercityHotel Vienna to remain at its central location on Mariahilfer Strasse at least through 2046 Investments in the long-term appeal 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