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Cox & Kings owned MEININGER Hotels signs contract for hotel in Marseille; fourth in France

Posted On: 2019-05-22 14:08:26

Cox & Kings owned MEININGER Hotels is executing its expansion strategy and will grow further in France: with the signing of the contract for a new hotel in Marseille, MEININGER's number of prospective beds in France grows to over 2600. The new hotel is expected to open in summer 2021.

The fourth MEININGER hotel in France is coming to Marseille. The expansion into the second largest city of France got sealed by the contract signing between the hotel group and the French real estate developer COFFIM. The new hotel will be located in the middle of the "new Marseille", the totally renewed urban area around the Marseille harbour and will have 194 rooms, 574 beds as well as 22 parking spaces.

As part of Euromediterranee, Europe's largest urban renovation project, the once-neglected port area has undergone extensive refurbishment, new building projects and the establishment of major cultural and leisure facilities, including several shopping and business centers.

Hannes Spanring, CEO of MEININGER Hotels about the new location: "Marseille has undergone a tremendously impressive transformation over the last few years and is developing into the Mediterranean metropolis of tomorrow. The city offers everything that we're looking for when it comes to MEININGER's accelerated growth and our ambitious expansion plans in Europe and beyond. The local hostel market, in particular, offers great potential according to our analyses, while at the same time we are consolidating our national presence in France."

Typical for MEININGER Hotels, the new hotel centrally located at 22-25 Rue de Forbin will have an extremely flexible room structure. It is therefore appealing to different types of guests, such as city travellers, families, backpackers, groups and business travellers. Accommodation options include private single and double rooms, rooms with multiple beds and a bed in a dormitory, "With our hybrid concept, which combines the advantages of a hostel and hotel, we are able to appeal to an unusually wide target group. The flexible room structure allows us to maximize our occupancy rates way better than let's say a classical hotel," adds Hennes Spanring. The hotel also offers a kitchen which can be used by guests 24/7, a game zone with table football or pool table and free, unlimited Wi-Fi.

From the hotel, the largest port in France is just a five-minute walk away, as well as the sea-facing shopping center "Les Terrasses du Port" with a great gastronomic offer and the trendy harbor docks "Docks Village" with diverse shopping and culinary opportunities. The Joliette metro station is about 300 meters away from the new MEININGER Hotel. The main station Marseille Saint-Charles can be reached by metro in about 5 minutes. On foot, it is about 10 minutes from the hotel to the city center and the old harbour. The Marseille Provence Airport can be reached in about 30 minutes by car or 60 minutes by public transport. "We are very happy to realize a first hotel in Marseille with MEININGER in such an excellent location. It will allow us to pursue our development in Marseille, a city in which COFFIM is historically present and has realized numerous projects," explains Thibault Dutreix, General Manager of COFFIM.

Shares of Cox & Kings Limited was last trading in BSE at Rs.94.55 as compared to the previous close of Rs. 99.45. The total number of shares traded during the day was 17143 in over 377 trades.

The stock hit an intraday high of Rs. 103.65 and intraday low of 94.5. The net turnover during the day was Rs. 1653276.


Source: Equity Bulls

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