Hotel portfolio Bad Griesbach II

Loan-to-value of up to a maximum of 60%

With this proposition, you invest in 537 hotel rooms spread across three hotel properties and ancillary facilities in Landkreis Passau (Bad Griesbach), in the east of the German federal state of Bavaria. The intended term is 24 months and the fixed interest rate is 8% per annum. The first financing phase has been successfully placed and is operational. The underlying properties were acquired last year. As an investor, you receive mortgage security with additional securities. The loan-to-value of the underlying asset is a maximum of 60%.

The 537 hotel rooms are located within a five-star hotel, a family hotel and a wellness hotel in Bad Griesbach. In addition, 122 apartments, spread across six apartment buildings in the same town, also form part of the proposition. The hotels offer extensive (wellness) facilities, which will be further expanded this year. Bad Griesbach is known as a spa resort due to its famous thermal and mineral water springs with healing properties. In addition, it is home to Europe's largest golf resort.

The loan is provided to the project owner for further real estate investments by the initiator. The collateral is owned by underlying subsidiary companies. The initiator has an extensive track record and holds a diversified real estate portfolio both domestically and abroad.

The key characteristics of this proposition are as follows:

Fixed interest rate of 8.00% per annum;
Intended term of 24 months;
First-ranking mortgage right;
Subordination declaration applies;
Pledge of the rental income;
Loan-to-value of a maximum of 60%;
Fully let (100% occupancy rate);
Near Europe's largest golf resort;
Experienced project owner;
Monthly payout;
Interest-bearing immediately from deposit;
One-off brokerage/arrangement fee of 0.45%.

Projected return

The graph below shows the cumulative return over the course of the term, based on the fixed interest rate of 8% per annum. In the example below, with an investment of €5,000, a total of €800 in interest is paid out over the entire term of the proposition. The first and accrued interest is paid in the month following the closing of the proposition. Thereafter, you receive the fixed interest amount monthly in arrears. At the end of the intended term, you will be repaid through a refinancing or sale of the property. The presented return forecast is based on expected market conditions and project planning. There is no guarantee that these results will actually be achieved.

Cumulative return during the funding period

Investment	€5,000
Fixed interest	8,0%
Estimated duration	24 months
Total return	€800.00

Crowdrealestate valuation

Crowdrealestate has assigned this investment a risk rating of A (Defensive). Given, among other things, the first-ranking mortgage right with ample surplus value and a 100% occupancy rate, this is a stable and solid investment. Although this investment is considered defensive, investing via crowdfunding always carries risks, including the risk that you may lose your entire investment. Please consult the Key Investment Information Sheet (KIIS) for a detailed description of the risks.

A

23 22 21

B

20 19 18

C

17 16 15

D

14 13 12

E

11 10 9

Mortgage right		points
Loan-to-value	Crowdrealestate's investors receive the first-ranking mortgage right with a subordination declaration.	points
Match location with sector	The loan-to-value based on the current (provisional) market value is a maximum of 60%.	points
Occupation	The central and strategic location of the properties fits well with the tenant's requirements and expectations, resulting in durable and stable demand.	points
Project phase	The high occupancy rate, combined with broad diversification, provides a consistent income stream.	points
Track record	The project concerns an existing building, which entails fewer risks compared to projects in the development phase.	points
Duration	The initiator is experienced.	points
Additional security	The intended term is 24 months.	points
Additional security	Pledge of the rental income and a pledge of the shares.	points
Total		22 points

Funding structure

The loan is provided to the project owner for further real estate investments by the initiator. In addition, a liquidity reserve is being financed. The threshold amount of this proposition is €500,000 and the target amount is €5,000,000. As an investor, you receive security in the form of a first-ranking mortgage right, a pledge of the rental income, and a pledge of shares.

In addition to this loan, a first financing phase of €5,000,000 has already been arranged, which is listed below in the financing structure and has already been successfully placed. For the further development and renovation of the hotel properties, two loans for a construction escrow account totalling €10,000,000 are also provided for within this phase. The total financing level thereby amounts to €41,300,000.

The current (provisional) market value of the underlying properties is €77,154,000. The surplus value, based on the maximum financing level (first and second financing phases) and the aforementioned market value, is approximately €35,854,000. The underlying value of the mortgage registration therefore provides ample coverage and fits within the proposition's maximum loan-to-value of 60%.

The securities on behalf of the investors are registered in the name of Crowdrealestate's independent foundation. In addition to the mortgage right, additional securities apply, such as a rental income pledge and a share pledge, a non-distribution declaration, a negative pledge covenant, and a Change of Control covenant. The full overview of all applicable covenants and securities is set out in the parallel debt agreement.

A subordination declaration applies to this phase in relation to the first financing phase (the Vijfsterrenhotel Maximilian, Wellnesshotel Fürstenhof, Woningen Beieren and Bad Griesbach propositions). As a result, both phases fall under the same first-ranking mortgage right, but this phase holds a second ranking. This means that, in the event of foreclosure or enforcement, the first phase has priority over the proceeds. Across all propositions, no more than €5,000,000 per project owner is raised within any 12-month period.

Investors Crowdrealestate (phase I)	€21,300,000	First-ranking mortgage right
Investors Crowdrealestate (phase II)	€10,000,000	First-ranking mortgage right (with subordination declaration)
Planned renovation financing (phase II and this proposition)	€10,000,000	First-ranking mortgage right (with subordination declaration)
Surplus value	€35,854,000
Total scale	€77,154,000

Project description

The proposition comprises a hotel portfolio in Bad Griesbach (Landkreis Passau), in the east of the German federal state of Bavaria. The portfolio consists of three hotel properties with a total of 537 hotel rooms, supplemented by a residential complex of 122 apartments spread across six apartment buildings.

The properties are located in a tourism- and leisure-oriented region. Bad Griesbach is known as a spa resort due to its thermal and mineral water springs with healing properties, and is home to Europe's largest golf resort. This results in structural demand from wellness, leisure and sports tourism.

The hotel portfolio comprises Hotel Maximilian (211 rooms), Hotel Fürstenhof (148 rooms) and Hotel Das Ludwig (178 rooms). The hotels offer extensive (wellness) facilities and amenities and are in good condition. Renovations and modernizations are planned for several components, aimed at improving quality and optimizing the offering.

The residential complex comprises 122 apartments on a plot of 9,038 m² and is let, among others, to staff working at hotels in the region. The initiator acquired the properties during a period of financial restructuring of the previous owner, which made it possible to purchase below market value. As a result, surplus value exists, together with scope for further value appreciation through planned investments and optimizations.

Market description

The hotel market in Bad Griesbach im Rottal benefits strongly from the region's appeal as a spa resort and golf destination. Due to the growing popularity of health and wellness tourism, demand for hotel accommodation in the region remains high. In 2023 and 2024, the Bavarian hotel market showed signs of recovery, with rising occupancy rates in tourist regions such as Bad Griesbach. The increasing demand for relaxation and sports holidays contributes to a solid market for hotel real estate. Although there is limited new construction in the spa- and golf-hotel segment, this supports stable occupancy rates and strong returns for existing hotels.

Due to the combination of a steady influx of wellness and golf tourists and the relatively limited expansion of new hotel real estate, Bad Griesbach remains an attractive market for investors. Demand for quality accommodation and wellness facilities contributes to a favourable investment climate, with stable rental income and growth potential within the more luxurious segment of the hotel sector.

The rental housing market in Bad Griesbach im Rottal is stable, with consistent demand for both long-term rental homes and temporary accommodation for tourists and business travellers. The town, known for its thermal baths and golf courses, attracts a wide range of visitors, from wellness tourists to employees in the local healthcare and leisure sector. As a result, demand for rental housing remains stable, although supply is limited. This results in a moderately rising rental price, particularly near the golf courses and spa resorts.

End user

Hotel Das Ludwig and Hotel Maximilian are operated in-house via affiliated operating companies, with the complete operational management (including staff, guest database and inventory) having recently been taken over. Both hotels will be further developed and renovated over the coming years: Das Ludwig with an emphasis on families and sport, and Maximilian with a focus on golf and wellness, with the aim of once again achieving a five-star level of operation.

Hotel Fürstenhof provides a solid foundation within the portfolio, thanks to a 20-year triple-net lease agreement with a strong international operator, under which the tenant bears all operational costs. In addition, the apartments generate solid rental income with demonstrable market potential for growth. The portfolio thereby combines operational growth (renovation, repositioning and improved operations) with long-term rental security and risk diversification across multiple target groups.

Underlying organisation

The loan is provided to Hotel Betriebsgesellschaften Bad Griesbach GmbH for further investments by the initiator. The hotel portfolio in Bad Griesbach was acquired in 2025. Since then, the initiator has stabilized and improved the operational performance. Hotel Fürstenhof is let on a long-term basis to a European hotel and wellness operator under a 20-year triple-net lease agreement. Modernizations are underway for the other hotels, including the renewal of hotel rooms and expansion of facilities.

Over the past decades, a carefully built-up portfolio has been assembled, consisting of both residential and commercial real estate in Germany, the Netherlands, England and Spain. The strategic focus, particularly on Germany, provides a solid asset base and enables the initiator to continue developing and to benefit from future growth opportunities.

The initiator is also involved as a shareholder in the following propositions financed by Crowdrealestate: Woningen Beieren, Bad Griesbach, Familiehotel Das Ludwig, Vijfsterrenhotel Maximilian and Wellnesshotel Fürstenhof. As a result, a cluster risk may exist. A detailed overview of the risk factors is set out in the Key Investment Information Sheet (KIIS) - Part C.

Supplementary files

You can open the supplementary files below

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EBi - Hotelportefeuille Bad Griesbach II	Download

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