Vienna International Hotelmanagement AG (VI) is setting a milestone in its announced growth strategy with the acquisition, via its German subsidiary, of the 4-star Arcadia Hotel Coburg from the German hotel group Arcadia effective 1 June 2013.The purchase of the Arcadia Hotel Coburg by Vienna International Hotelmanagement AG is effective as of 1 June 2013. At the same time, VI is assuming management of the hotel with no interruption to service and will continue to operate the hotel under the Arcadia brand. After the recent hotel opening in Munich, the Austrian hotel group is taking another step in pursuing the growth strategy announced at the end of 2011. The Arcadia Hotel Coburg will continue to be promoted in cooperation with the sales operations of the Arcadia Group as well as through VI’s channels. As a 4-star product, the hotel fits seamlessly into the portfolio of the Austrian hotel group and possesses plenty of potential for the continued business growth of the VI Group.
The Arcadia Hotel Coburg is being acquired by VI Asset GmbH, a subsidiary of Vienna International Hotelmanagement AG. VI is taking advantage of the historically low interest environment to expand the properties in the portfolio. Vendor is the Arcadia hotel group. Both parties have agreed to keep the price confidential.
“I am very pleased to be acquiring another property in Germany so soon after the successful opening of our new angelo Westpark in Munich. Despite the extremely difficult financing environment, we have succeeded in realising this acquisition and are beginning with the implementation of our asset strategy. This gives us reason to be positive about the future growth,” said Dr. Andreas Karsten, CEO of Vienna International Hotelmanagement AG.
The owner of the hotel property is pleased to have realised the sale of the Arcadia Hotel to an experienced hotel developer and manager: “The sale to VI Hotels & Resorts and the future cooperation guarantee that the hotel will continue to be run under the recognised Arcadia Group brand name,” said Dr. h.c. Reinhard Baumhögger.
The hotel staff will be integrated into the operations of the VI Group with no interruption in service. VI’s newest 4-star Arcadia Hotel Coburg offers 123 rooms and meeting space for 64 people.
