FRANKFURT-The Dubai-based luxury hotel group Jumeirah has signed an agreement to enter the German market for the first time, by locating a five-star, 219-room luxury hotel in Frankfurt's new PalaisQuartier leisure and retail development.
The group said a lease agreement was signed by Jan Eijkemans, director of the MAB Group, developing the project, and Jumeirah Chairman Gerald Lawless. No price details were provided but it foresees the luxury hotel launching in mid-2010 with the start of the 112,000 square meter PalaisQuartier mixed office and retail complex.
PalaisQuartier is located at the heart of Frankfurt at the Thurn-und-Taxis-Platz. The development includes the reconstructed baroque 18th century Thurn und Taxis Palais and a 48,500 square meters of retail development, and some 42,000 square meters of office space.Lawless said Jumeirah Frankfurt is an important development in the global expansion, and Germany is the third largest inbound market for use of Jumeirah's properties.
"It's a key market for us and we see this first move to invest in the German market as an important and sound link that cements an already strong connection," he said.
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