Centralis bus Cologne hotels for serviced apartment conversion

Germany: Real estate investment firm Centralis has acquired two hotels in Cologne with plans to deliver 233 serviced apartments.

The assets – Breslauer Platz 2 and Domstrasse 10 – were purchased from a French insurance company as part of the Crescendo portfolio. Both will be converted to offer 233 serviced apartments in total.

The building at Breslauer Platz 2, formerly operated as a Wyndham hotel, sits directly opposite Cologne Central Station. Centralis plans to convert the property into 134 serviced apartments alongside food and beverage on the ground floor, with a planned lettable area of around 4,900 square metres.

Domstrasse 10, occupied by the former TRYP Köln City Centre hotel, will be redeveloped into 99 serviced apartments with 15 underground parking spaces, comprising approximately 2,700 sq m of lettable area.

Bob W has been appointed as operator of both properties. 

Fabian Vieregge, founder and CEO of Centralis, said: “This one-two punch is typical of our acquisition and growth strategy. We are using the current buyer market to secure properties in prime locations in German A-cities, which we will then develop into modern and sustainable hospitality products.”

Felix Lorenz, head of investment at Centralis, added: “In a lengthy acquisition process, we have once again shown how we analyse complex projects across teams, from inventory and potential analysis to well-planned transformation, and gradually integrate them into the process up to closing.”

JLL and Cushman & Wakefield supported the transaction. 

Highlights:

• German real estate investment firm Centralis has acquired two prime hotel assets near Cologne Central Station from a French insurance company.
• Tech-enabled short-stay operator Bob W has been appointed to manage both properties, which will undergo comprehensive conversions into 233 serviced apartments.
• The former Wyndham hotel at Breslauer Platz 2 will be redeveloped into 134 serviced apartments spanning 4,900 square metres, alongside ground-floor food and beverage space.
• The former TRYP Köln City Centre at Domstrasse 10 will yield 99 serviced apartments and 15 underground parking spaces across 2,700 square metres of lettable area.
• Real estate advisory firms JLL and Cushman & Wakefield facilitated the transaction.