citizenM has entered into a collaboration with German project developer GBI to look for prime locations for its entry into the German hotel market.
The focus for citizenM will be on four cities: Munich, Hamburg, Frankfurt, and Berlin. GBI and citizenM will search for suitable properties and plots of land for the brand to acquire, and then develop turnkey citizenM hotels together.
In the spring of 2020, the GBI Group of Companies was named Germany’s largest project developer of hotels by bulwiengesa,a major independent real-estate consulting company in continental Europe. GBI’s hotel developments cover more than 1.5 million square feet of usable space altogether. GBI has held its top bulwiengesa ranking for four years in a row.
citizenM has been expanding its global portfolio across Europe, North America, and Asia in prime locations. In March 2019, it welcomed its third investor, GIC, Singapore’s sovereign wealth fund, raising the value of the company to €2 billion. GIC joins citizenM’s two other investors, KRC Capital (the private investment vehicle) and APG (the Dutch Pension Fund). Together, they have committed to invest €750 million of new equity for future hotel developments.
Photo: Courtesy of citizenM
