Pbb refinances €139m Grand City hotel portfolio

Munich-based pbb Deutsche Pfandbriefbank has provided a €139m portfolio refinancing to Grand City Hotels, one of the largest hotel operators in Germany. The portfolio consists of eight business hotels across Germany and in Amsterdam.

The portfolio includes business hotels in Germany - two each in Berlin, Mannheim, Stuttgart and Hanover - and two assets in Amsterdam. The loan agreement was signed in December, and funds disbursed in January, said pbb in a release.

According to Gerhard Meitinger, head of real estate finance Germany at the bank, “pbb Deutsche Pfandbriefbank actively provides hotel financings on a selective basis, and at specific locations. Our newly-positioned team of experts gives us the ability to structure complex financings.” He added that the bank’s focus is on the German market but that it has financed hotels in London and Paris before.

Grand City Hotels operates over 120 hotels in Germany, the Netherlands, Belgium, Austria, Italy, the UK, Spain, Hungary and Cyprus. Its brands include Wyndham, Tryp, Radisson Blu, Best Western, Mercure and Holiday Inn.