Signa Insolvency: Hotel Andaz Vienna Sold for 92 Million Euros – Reorientation from April
In the wake of the breakup of René Benko's Signa empire, another high-profile deal has emerged: the luxury hotel “Andaz Vienna Am Belvedere” is changing hands for €92 million. The sale is accompanied by a strategic realignment and a brand change.
The sale of the Andaz Vienna Am Belvedere hotel as part of the insolvency proceedings of Signa Development Selection (SDS) has been completed for €92 million. / Picture: © Hyatt Corporation / Andaz Vienna Am Belvedere
The sale of the assets of Signa Development Selection (SDS) is progressing. As insolvency administrator Andrea Fruhstorfer officially confirmed, the sale process for the striking hotel property on Vienna's Schweizergarten has been successfully completed, as reported by "DerStandard". The proceeds of €92 million will go into the insolvency estate to service creditors' claims.
Buyer from Germany, tenant from Munich
The property, with a total area of around 25,800 square meters, will be held in the future by WestInvest Gesellschaft für Investmentfonds mbH, a subsidiary of Germany's DekaBank.
A long-term solution has been found for the operational side of things, promising continuity: MHP Hotel AG from Munich is taking over the hotel as a tenant through its subsidiary, MHP Hotel am Schweizergarten GmbH. The Hyatt Group will remain on board as the franchisor.
“Andaz” becomes “Hyatt Regency.”
The change of ownership is accompanied by a significant change in the Vienna hotel market. From April, the hotel, previously operated under the lifestyle brand “Andaz,” will be repositioned as Hyatt Regency.
This step marks the shift from a primarily design-oriented lifestyle concept to Hyatt's “Classics portfolio.” The aim of the reorientation is to establish the hotel more strongly as a business and conference location. With over 2,000 square meters of event space, including a large ballroom, the hotel is considered one of the most important event locations in the neighborhood around the Belvedere.
Jobs will be retained
Despite the change of ownership, there is good news for employees and guests: the hotel will remain open without restriction during the transition. MHP Hotel AG has announced that it will offer continued employment to the entire existing team. All existing reservations, contracts, and bookings for events will also remain valid.
Insolvency administrator Fruhstorfer emphasized the complexity of the deal, as reported by “DerStandard”: “The challenge was not only to find a buyer for the property, but also to develop a viable solution for the ongoing hotel operations.”