News/Real Estate Finance

Deutsche Hypo finances “voco The Hague Kneuterdijk” in The Hague

Deutsche Hypothekenbank is financing the “voco The Hague Kneuterdijk” in The Hague for UBM Development AG, which will be operated under the new voco branding of the renowned InterContinental Hotels Group. It is a first-class modern 4-star hotel with 204 rooms in a prime location in the historic city centre. The financing volume amounts to 32.4 million euros and will be made available for the development and start-up phase of around two years.

With this financing, the market-established developer UBM and Deutsche Hypo are setting an example in corona times. Andreas Rehfus, member of the Board of Managing Directors of Deutsche Hypo, emphasises: “We continue to support first-class project developments in the hotel segment, such as the “voco The Hague Kneuterdijk”, even in challenging times. They remain a welcomed addition to our portfolio.

The boom in the Dutch hotel market that started in 2017 was only interrupted with the outbreak of the Corona pandemic. The Hague scores as a trendy metropolitan region, so a quick recovery is expected. The financing property with its Mediterranean lifestyle concept impresses visually with an appealing historic exterior façade and the excellent central, yet quiet inner city location. The building has a total lettable area of just under 12,000 square metres. In the immediate vicinity, there is a wide selection of shops, restaurants, public transport and museums, as well as other places of interest. The “voco The Hague Kneuterdijk” will be a modern home for travellers and at the same time a gastronomic hotspot for the entire neighbourhood. In addition to a bar and a Mediterranean restaurant with an outdoor area, two meeting rooms are planned. Part of the financing object is an underground garage with 100 parking spaces, which will not only be available to hotel guests, but will also improve the tight parking situation in The Hague’s city centre.

“With voco The Hague, we have succeeded in obtaining an appealing financing. We are very pleased to accompany our partner, UBM Development AG, which is based in our strategic target market of Austria, in this project and to be able to demonstrate our cross-border expertise with this financing,” emphasises Andreas Rehfus. Mag. Thomas G. Winkler, CEO of UBM, adds: “The construction work is well advanced and we expect to be able to celebrate the opening in the second half of the year, in line with the increase in tourism.“

A visualisation of the financed property is available for download. Please state “UBM Development AG” as the source.