German real estate group Derag has purchased the former US consulate building for €17 million, according to Hamburger Abendblatt.
Derag, which owns the Living Hotels brand, will add the 5,200 sqm listed building to its portfolio of hotels across Germany.
Following conversion, the new hotel will be called The Jefferson.
Why it matters
News of conversions to hotels from other real estate uses such as offices and retail buildings have become more frequent. This purchase and planned conversion further echo the increasing industry interest.
What they said
Managing majority shareholder of Living Hotels, Max Schlereth said: “I have a deep passion for buildings with history and I simply fell in love with the house from the first moment. Since it is a listed building, we will proceed with the redesign extremely carefully, sensitively and in close cooperation with the city of Hamburg.”