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, and the Munich railway station and Munich International Airport being accessible via car. 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 eight office tenants (committed occupancy rate as at 31 December 2024: 100%).
Car park facilities 196 car park lots specifically for the hotel (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),(2)
Valuation (3) as at 31 December 2024 €104.5 million
Green Rating/Certification BREEAM "Good" Rating
Green Key Certification
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(4)
FY 2024 Key Financials [  –  ]
Rental Income S$10.8 million(5)
(€7.5 million)
Net property income S$9.7 million(5)
(€6.7 million)
  • (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)On 14 January 2022, NKS Hospitality I B.V. ("NKS"), an indirectly-owned subsidiary of H-REIT, entered into an asset purchase agreement with Provent Immobilien Beteiligungs GmbH ("Provent") for the purchase from Provent of the remaining 0.49% co-ownership share of the Pullman Hotel Munich for a net purchase consideration of €0.4 million. The acquisition of Provent's co-ownership share was completed on 4 March 2022, following which H-REIT owns an effective 94.9% interest in the Pullman Hotel Munich.
  • (3)The property was valued by Colliers International Property Consultants Limited using the Capitalisation and Discounted Cash Flow approaches.
  • (4)Pursuant to a temporary rent abatement agreement signed in April 2021, the annual base rent was reduced from 2021 to 2024, starting at €0.6 million in 2021 and stepped up to €2.4 million in 2024, before reverting to the original base rent of €3.6 million p.a. from 1 January 2025. Under FRS 116/SFRS(I) 16 Leases, the rental income will be accounted for on a straight-line basis over the remaining lease tenure at €3.1 million p.a.
  • (5)Based on the average exchange rate of €1.00 = S$1.4464.

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