pbb Deutsche Pfandbriefbank has provided a €28 million loan to a project development company of the GBI Group. The funds are being used to finance a hotel project in Hamburg. The transaction was closed in December 2016. The project includes the construction of a budget hotel under the Marriott brand “Moxy”. Centrally located on Anckelmannstrasse in the Hamburg district of Borgfelde, the property is perfectly connected to public transportation and other traffic networks. Hamburg’s central station is approximately 2 km away, and the city’s grand promenade – the Jungfernstieg – can be reached within just 3 km. All in all, the hotel will offer around 290 rooms. Construction work is scheduled to start in the middle of the year.
