Pullman Hotel Munich
- Property Details
Property Details [ – ]
|Number of Guest Rooms||337|
|Number of F&B Outlets||Five outlets comprising Theo's Restaurant, Theo's Bar, Theo's Beer Garden Terrace, Theo's Castaway Beach and Marketplace|
|Banquet/Conference/Meeting facilities||Two conference rooms for up to 60 people theatre style|
|Other facilities||400 sq m of fitness and spa area including two saunas and a steam room
Four retail and seven office tenants
|Car park facilities||196 car park lots
The car park facilities are shared with the commercial components of the property
|Land area||~8,189 sq m|
|Purchase price at 14 July 2017||€98.9 million (1)|
|Valuation (2) as at 31 December 2021||€104.1 million|
Master Lease Details [ – ]
|Master lessee||UP Hotel Operations GmbH & Co. KG (a wholly-owned subsidiary of EVENT Hotels)|
|Term of lease||20 years commencing from 14 July 2017|
|Minimum rental income||€3.6 million(3)|
- (1)The purchase price of €98.9 million is based on H-REIT's effective 94.5% interest in Pullman Hotel Munich, its commercial components and the furniture, fixture and equipment. This excludes the adjustment for net working capital. On the basis of 100% interest, the purchase price is €104.7 million
- (2)The property was valued by CBRE GmbH using the Discounted Cash Flow approach.
- (3)Due to the COVID-19 pandemic, a temporary rent abatement agreement for Pullman Hotel Munich was signed in Apr 2021 ("Temporary Arrangement"). Pursuant to the Temporary Arrangement, (a) the lessor has released the lessee from its obligation to pay the base rent for the months of Mar to Dec 2020, which corresponds to a total amount of €3.0 million; and (b) from 2021 to 2024, the annual base rent of the hotel will be reduced, starting with €0.6 million in 2021, stepping up annually to €2.4 million in 2024, before reverting to the original base rent of €3.6 million per annum from 1 Jan 2025. Under accounting rules, the rental income under this lease modification will be accounted for on a straight-line basis over the remaining lease tenure at €3.1 million per annum. Under the Temporary Arrangement, between Mar 2020 to Dec 2024 (the "Restructured Term"), after paying for its rent obligations and relevant hotel-related expenses, any losses suffered by the lessee during the Restructured Term solely due to causes related to the COVID-19 pandemic will first be funded by the lessee, but the lessee will be allowed to clawback the cumulative losses incurred during the Restructured Term from future variable rent payment obligations. Variable rent shall not be due to the lessor until the cumulative losses are clawbacked by the lessee. The rationale for the Temporary Arrangement is for business continuity and working together with the lessee is important to navigate the hotel out of the crisis successfully.
- (4)Based on the average exchange rate of €1.00 = S$1.5897.
Theodor-Dombart-Strasse 4, 80805 Munich, Germany
~8,189 sq m
Pullman Hotel Munich is a 4-star hotel with 337 rooms and a comprehensive suite of facilities, as well as secondary spaces currently let out to four retail and seven office tenants.
The hotel is strategically located adjacent to the commercial district of "Parkstadt Schwabing", which is home to a variety of national and international companies. It boasts convenient accessibility, with an underground subway access located next to the hotel, motorways connecting Munich to Berlin and Frankfurt within a two-minute drive away, and the Munich railway station and Munich International Airport being accessible via a short drive. Travellers also have direct access to Munich International Airport via the Lufthansa Express Bus service, which stops diagonally opposite the hotel and runs at regular 20 minute intervals, offering significant cost savings and ease of travel to the airport within 25 minutes.
The hotel is also in proximity to many of Munich's popular tourist destinations including the English Garden, the BMW headquarters, the Olympic park and the Allianz Arena, home of FC Bayern Munich.
Theo's Restaurant and Theo's Bar serve contemporary Bavarian cuisine. In summer, the green courtyard transforms into an outdoor oasis with Theo's Beer Garden Terrace.
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