Park Hyatt Vienna Up for Sale After Medcap Talks Collapse
The Park Hyatt Hotel in Vienna, a prized asset in Signa's Austrian real estate portfolio, is currently up for sale. Despite initial negotiations with Medcap Real Estate, the final buyer remains unknown due to the withdrawal of the potential purchaser. The bidding process continues with fresh talks ongoing.
Signa Prime acquired the historic building in 2008 and poured €250 million into its transformation into a luxury hotel, which reopened in 2014. The Park Hyatt Vienna, situated in the city's Golden Quarter, has hosted celebrities such as Ed Sheeran and Harry Styles. The hotel operator was also acquired by Signa Prime Assets GmbH to simplify the sale process.
The sales process began in March, with a consortium of brokers scouting for potential buyers. Exclusive negotiations with Medcap Real Estate, the highest bidder, broke down over price and final details, with the property valued at between €330 and €335 million. Insolvency administrator Norbert Abel aimed to complete the sale by the end of the third quarter but missed the deadline. Fresh negotiations are now underway with an Austrian and an Arab investor, along with three additional serious contenders. The sale comes bundled with the insolvent operating company, Am Hof 2 Hotelbetriebs GmbH, adding complexity to the process.
The Park Hyatt Vienna, a significant source of revenue for Signa Prime's accounts, is now in the hands of creditors and mortgage holders, including the Bavarian Pension Fund (BVK). With the final buyer yet to be confirmed, the sale of this prestigious hotel continues to unfold in the ongoing bidding process.
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