As a part of its private equity investments, multi-family office DERECO from Cologne has acquired a share in two hotel project developments by REVITALIS Real Estate AG. In turn, REVITALIS shall be responsible for the operational part of this joint venture.

This month REVITALIS and DERECO will start constructing the hotels on a 4,822-sqm plot of a former goods station, Güterbahnhof-Nord in Freiburg. The plan is to develop a Hampton by Hilton hotel with 175 rooms and 46 underground parking spaces and a Super 8 hotel with 205 rooms and 51 underground parking spaces. Both lease agreements were concluded for a period of 25 years. Project volume amounts to approximately EUR 42m. Completion is scheduled for late 2016.

“We are very pleased that this commitment has laid the foundations for our two companies to cooperate in future, too,” says David Noll of DERECO. “We are already exploring additional joint project options.”