X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

VIENNA-The Hilton Hotel, Vienna has been sold to local developer Soravia Bautragerfor just over $60 million. The joint owners, Swissotel’s subsidiary, SoderealHoldings, and the pension fund SAir Group sold the building, which includesaround 45,000 sf of offices and 13,000 sf of shopping as well as the585 room hotel, as part of the group restructuring. The Hilton will continuetrading.

Nick Marsh, Executive Vice President at agency Jones Lang LaSalle Hotels,which handled the sale, said: ‘The prime location of the hotel attractedtremendous investor interest. As well as the size of the hotel there arealso exciting development prospects.’

The Vienna hotel market has significantly improved in 2000 with increaseddemand levels driven by the corporate and congress sectors. The last hoteldeal to go through in the city was the Crowne Plaza sale, also handled byJones Lang LaSalle, which went for $22.75 million.

Marsh expressed optimism for the future of the hotel sector in the Austriancity. He said, ‘The Viennese office market experienced a record year in2000, which is a strong indicator of the city’s economy and also of thehotel market. With Austria’s political isolation now over hotel performanceshould be able to develop even further.’

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.