Christie & Co sells Mountain Boutique Hotel “der grüne Baum” in Ehrwald to g²hotels
Ehrwald. The “der grüne Baum Mountain Boutique Hotel” in the Austrian Zugspitze region has a new owner thanks to Christie & Co. g²hotels, a German hotel operator, is taking over the hotel from the Mitterhuber family.
The holiday hotel in the Zugspitze region surrounded by around 5,000 sqm of space offers 59 luxuriously furnished rooms and suites. The hotel operation also includes a generous F&B area with a varied culinary offer, an attractive wellness area that allows guests to relax with a panoramic view of the Alps, and a conference room for seminars and meetings. The Mitterhuber family renovated the hotel, ran it as a family business, and established it as a holiday destination in the market.
The former owners are handing over the hotel in one of Austria's strongest tourism destinations to the experienced German hotel operator g²hotels. With this takeover, g²hotels is expanding its existing portfolio with a classic holiday hotel with great development potential. For the hotel group, this is already the second hotel project in Austria after Zell am See – more are already in the pipeline.
“We are proud that we were able to expand our hotel portfolio with the Ehrwald location. The project fits perfectly into our group’s expansion plan. In addition to the location, “der grüne Baum” convinced us above all with its extensive expansion possibilities. A spacious outdoor pool and an extensive renovation, an extension to over 110 units consisting of hotel rooms & flats are also planned,” says Managing Director Hermann van Gerrevink, explaining the decision.
The new owner of the property is K7 Real Estate GmbH – a company owned by Attila Kowatsch, a German entrepreneur. The real estate investor has been active in Austria for several years and has now realised his first hotel project in the country together with g²hotels. The whole process was also made possible and supported by Bernhard Gründler from Hypo Tirol Bank AG, which has already financed several projects with Mr. Kowatsch. “We are very pleased to have landed an extremely promising project with the hotel. With g²hotels, we have found a competent operator with many years of hotel experience who recognises and can use the potential of the hotel,” Attila Kowatsch comments on the purchase.
The sale was initiated by hotel real estate specialist Christie & Co, which accompanied the sale within the framework of a structured sales process. “In recent months, driven by the pandemic, a change in investor preference towards leisure destinations could be perceived. In line with the change in travel habits due to the crisis and the location in the holiday region of Tyrol, this hotel represents an attractive investment for the buyer. We wish the new owner and the operator much joy and success with the property,” summarises Robin Barth, Consultant Investment & Letting at Christie & Co, who accompanied the sales process.