René Benko’s crumbling Empire Signor Selection Selection Selection AG still throws a luxury real estate on the market. The sales process for the hotel Andaz Vienna was started at the Belvedere.
The object, the aurora on the roof bar, also attracted some Viennese night owls, is one of the largest assets in the portfolio of the Insolvent Signa Society.
Nobelhotel as a society point
It is a hotel complex with a total area of approximately 25,800 m². The hotel consists of around 300 rooms and is rented to the Hyatt Group, which is also active. The building was built as part of a joint venture between Signa Development Selection AG and the Hyatt Group, opened in 2019. In recent years, the hotel was also a location for some cohabitation events.
A condition for the implementation of a structured sales process was the approval of the joint venture partner, said the Insolvency manager Tuesday. This is now available so that the property can be sold together. This makes an open marketing process possible that appeals to a broad group of interested parties.
“Central Asset”
“Het Hotel Andaz is een van de centrale activa in de Insolvency Proceedings van de Signa Development Selection. De gezamenlijke marketing is nu overeengekomen met de Joint Venture Partner, maakt een open, marktvriendelijke recycling van het onroerend goed mogelijk. Het doel is om een best mogelijke oplossing te bereiken in de belangen van de crediteuren, in aanmerking van de bestaande crediteuren van de crediteuren, in aanmerking van de bestaande crediteuren, in The creditors of the creditors, eligible from the creditors of the creditors, who take into account the existing business and debt legislation, “says Andrea Fruhserfer, insolvency administrator of the creditors, in the creditors of the creditors.
With the implementation of the sales process, the Eastdil Investment Bank was entrusted securely. The structured marketing process starts during this week. A conclusion will be sought in the summer of 2025.
Central column in the Signa Card House
Signa Development AG had already applied for bankruptcy at the end of December 2023 and a renovation procedure was planned for the first time. In August 2024, however, Higher Regional Court had given a complaint from the Republic of Austria and issued a cancellation plan that was adopted by the creditors. As a result, the development, formerly one of the central pillars in the Signa Card House of Benko, was sent to bankruptcy.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
