Properties

Pullman Hotel Munich

Theodor-Dombart-Strasse 4, 80805 Munich, Germany

  • Guest Room

    337
    Guest Rooms

  • Land Area

    ~8,189 sq m
    Land Area

Pullman Hotel Munich is an upper upscale hotel with 337 rooms and a comprehensive suite of facilities, as well as secondary spaces currently let out to retail and 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 opposite the hotel and runs at regular intervals, offering significant cost savings and ease of travel to the airport. 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.

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.
Commercial components of the property has four retail and seven office tenants (committed occupancy rate as at 31 December 2023: 88.9%).
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
Title Freehold
Purchase price at 14 July 2017 €98.9 million (1)
Valuation (2) as at 31 December 2023 €104.8 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)
FY 2023 Key Financials [  –  ]
Rental Income S$10.7 million(4)
(€7.4 million)
Net property income S$9.5 million(4)
(€6.5 million)
Average occupancy rate 67.6%
  • (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 Colliers International Property Consultants Limited using the Capitalisation and Discounted Cash Flow approaches.
  • (3)Due to the COVID-19 pandemic, a temporary rent abatement agreement for Pullman Hotel Munich was signed in April 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 March to December 2020; and (b) from 2021 to 2024, the annual base rent of the hotel was 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 January 2025. Under FRS 116 / SFRS(I) 16 Leases, 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.
  • (4)Based on the average exchange rate of €1.00 = S$1.4522.

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