Berlin, 21 June 2021 – The hotel operator Primestar has proactively addressed the developments post COVID-19 and repositioned itself for the future. As part of the repositioning a management buyout (MBO) was completed via the newly installed parent company Primestar Holding GmbH&Co KG whereas a majority of 81.3 percent of Primestar Beteiligungs GmbH was acquired by the CEO Andreas Erben with the support of Swiss financial partner Rausch Partners. The existing structure with the subsidiaries of Primestar Beteiligungs GmbH and Primestar Hospitality GmbH remains in place. For the establishment of an own brand and second division to the Group a new subsidiary was founded with Primestar Operator GmbH. Overall the Group is strongly capitalized with no external debt.
Andreas Erben, CEO: "We have used the last challenging months to reposition the company for growth. With its existing hotels in German A-cities we are convinced that the Group is well positioned in this recovery phase and allows us to embark on the expansion path.
We will continue to expand our portfolio in our core country Germany, as well as in Austria, the Netherlands and the United Kingdom. Important new features include a direct booking system, digitalization and the establishment of a new brand around additional product offerings for long-term stay and work space that will accelerate the momentum."
Primestar currently operates ten franchise hotels in major German cities with four new openings planned for the next months. "We are planning to increase our franchise segment to at least 20 hotels in Germany’s A-cities with institutional partners over the long term. Our existing portfolio will increase from currently 1,983 rooms by another 1,351 rooms to a total of 3.334 rooms by 2022 and we are well on track to successfully implementing this goal," Erben elaborates.
PRIMESTAR has established its second strategic pillar with Primestar Operator GmbH. The group is planning to develop its own brand in the 3-star segment with up to 20 properties including a long-stay concept and working lounges. For the newly installed Primestar Operator GmbH the Group is focusing on the acquisition of existing hotels, their leases or tenant companies.
Director of Development / Authorized signatory
Primestar Hospitality GmbH
T +49 30 403688654
T +49 30 400 44 68-1
M +49 170 23 55 988