Andaz Vienna Hotel Sold for €92M Following Signa Insolvency

The sale of the Andaz Vienna Am Belvedere hotel has been completed as part of the insolvency proceedings of Signa Development Selection (SDS), realising 92 million Euros.

Hotel Ownership and Transition

Insolvency administrator Andrea Fruhstorfer announced the completion of the sale on Monday. The hotel complex covers approximately 25,800 square meters and includes around 300 rooms. Fruhstorfer stated, “The challenge consisted not only in finding a buyer for the property, but also in developing a viable solution for the ongoing hotel operations.”

New Management and Branding

WestInvest Gesellschaft für Investmentfonds mbH, a company of DekaBank, has acquired the property. The Hyatt Group, which previously operated the hotel, and MHP Hotel AG have been secured as partners for the hotel’s operation.

Did You Know? The hotel complex encompasses approximately 25,800 square meters.

MHP Hotel am Schweizergarten GmbH, part of MHP Hotel AG, will lease the hotel long-term and operate it as a franchise partner of the Hyatt Group. Starting in April, the hotel will operate under the Hyatt Regency brand.

Continued Operation and Employment

The hotel will remain fully operational during the management and brand transition, according to a statement from MHP Hotel on Monday afternoon. All existing team members will be offered continued employment with MHP Hotel AG as part of a regulated transfer of operations. “All existing reservations, event bookings and current contracts will also be taken over to guarantee a seamless transition for guests and business partners.”

Expert Insight: The transition from the Andaz brand to Hyatt Regency suggests a strategic shift towards catering to business travelers and events, given the hotel’s substantial event space.

The change from the Andaz lifestyle brand to the Hyatt Regency brand – a brand within Hyatt’s Classics portfolio – reflects a repositioning of the hotel. With over 2,000 square meters of event space – including a large ballroom and numerous meeting rooms – the hotel is geared towards business guests, conferences, and events.

Frequently Asked Questions

What is the current status of the Andaz Vienna Am Belvedere hotel?

The hotel has been sold as part of the insolvency proceedings of Signa Development Selection (SDS) and will transition to the Hyatt Regency brand in April.

Who are the key parties involved in the hotel’s transition?

WestInvest Gesellschaft für Investmentfonds mbH, the Hyatt Group, and MHP Hotel AG are the key parties involved.

Will there be any disruption to guests during the transition?

No, the hotel will remain fully operational during the management and brand transition, and all existing reservations will be honored.

How might this change affect the hotel’s target clientele?