Investor brings new life to the palace hotel: living and five-star hotel!

Investor brings new life to the palace hotel: living and five-star hotel!

Yesterday there were exciting developments surrounding the Palasthotel in Wiesbaden. A possible investor, GN Immobilienhandel OHG, represented by Necati Gezer and Güner Öztürk, could be the key to saving the traditional five-star hotel. The investor's plans include creating subsidized housing and reopening the hotel. A ray of hope for many in Wiesbaden, as the palace hotel has had a long dry spell.

Most of the 85 apartments in the hotel are currently vacant. Gezer aims to use around 50% of the listed property, which covers around 7,700 m², for residential purposes. Subsidized apartments are planned in Saalgasse as well as regularly rented units in the extension with a view of the popular Kochbrunnenplatz. The city administration is positive about the plans; Both mayor Christiane Hinninger and head of the building department Andreas Kowol support the concept.

Renovation and challenges

The renovation costs for the palace hotel are estimated at around 40 million euros. Gezer is convinced that his company can implement the renovation more effectively than the city itself and has already gained experience with similar projects, such as the high-rise at Mainz Central Station and the Hotel Bären in Wiesbaden. GN Immobilienhandel OHG is currently renovating house 43 in Obere Webergasse and has also taken over the Truffle Hotel, for which options for operators and tenants are now being examined.

One obstacle was the decision to reject the sale of the palace hotel. The SPD sub-district party conference categorically ruled out the sale. Instead, the left-wing alliance is planning a market exploration process for the leasehold development of the building. This process is expected to start early next year. Gezer sees the leasehold as an advantage for the renovation, which makes him optimistic.

Parking situation and actual hotel operations

However, one important question remains: Where do guests park? The municipal parking garage at Bowling Green and the GWW “Weberhof” parking garage nearby offer sufficient parking options. An operator for the five-star hotel is currently being sought because the company itself does not want to operate the hotel. The renovation is estimated to take three years, but there is growing belief that the palace hotel will soon be able to return to its former glory.

In conclusion, the plans of a renowned investor who has experience in both the residential sector and the hotel industry give hope to many in Wiesbaden. Perhaps we will soon see another heyday for the palace hotel, which is more than just a place to stay - it is a part of the city's history.