Pygmalion Capital has partnered with Lithuanian investment group Gemini Grupe to provide a mezzanine loan for Kennedy 89 in Frankfurt.
Kennedy 89, an Unbound by Hyatt hotel, is expected to open in late 2024, offering 180 luxury rooms with extended-stay capabilities, including 67 suites.
SIC Properties, which represents the hotel’s owning entity, is part of a family office with extensive holdings in major cities in Germany, the UK and France. The hotel will be owner operated.
CMS Germany advised Pygmalion Capital and Gemini on the transaction.