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BERLIN-Viterra Development GmbH is developing a four-star, 505-room hotel in Berlin that will be completed in the summer of 2005.

Upon its completion in the summer of 2005, Viterra Development GmbH will sell the hotel to SEB Immobilien Investment GmbH, a German open-ended fund. The investment volume of SEB Immobilien, which purchased the hotel for its open-ended fund ‘SEB Immoinvest’, is approximately €170 million.

The Maratim Kongress Hotel will be built on a 129,000-sf site in the centre of Berlin, close to the Potsdamer Platz and the Government Agencies. The hotel will have banquet facilities in two ballrooms for up to 5,000 guests, as well as a conference area for 1,000 guests.

Maritim, one of Germany’s leading hotel operating companies, has signed a 25-year lease to operate the property. Viterra employed Jones Lang LaSalle Hotels to handle operator selection and subsequent lease contract negotiations.

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