Port Olpenitz Holiday Resort Breaks Ground in Northern Europe (Germany)
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Port Olpenitz Holiday Resort Breaks Ground in Northern Europe (Germany)
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Category: Europe - Germany - Industry economy
- Hotel opening
This is a press release selected by our editorial committee and published online for free on 2008-10-24
The foundation stone for the first wall of the Port Olpenitz holiday resort project in Olpenitz, near the town of Kappeln, was ceremonially laid during an official groundbreaking ceremony on Wednesday, October 15, by the Trade Minister of the German Federal State of Schleswig-Holstein, Dr. Werner Marnette, business leader Jaska H. Harm, Councillor for the District of Schleswig-Flensburg, Bogislav-Tessen von Gerlach and the Mayor of Kappeln, Roman Feodoria. The first model homes, on the site of what will become northern Europe's largest holiday resort, are expected to be built by the end of 2008. The entire project is scheduled for completion within the next four to five years.
The new Port Olpenitz, a 425-acre holiday resort located in the northeastern section of Schleswig-Holstein, Germany is being developed on land that is the site of the former Olpenitz naval base between the mouth of the River Schlei and the Baltic Sea. Port Olpenitz is a joint venture between HarmInvest GmbH, Berlin, and American Realty Investors, Inc. (NYSE:ARL), an affiliate of Prime Income Asset Management.
The euro 500 million Port Olpenitz will be located just outside the gates of the Town of Kappeln on the site of the former Olpenitz naval base, which still houses an historic lighthouse that once served as a beacon to guide ships into port.
According to Trade Minister Dr. Werner Marnette, "This project will not only bring tourism back into the fast lane for our district, but will also -- with about 1,000 jobs planned -- give a powerful boost to other segments of the economy in this region that have been hard-hit by reductions in defense spending."
In order to mitigate the effects of defense personnel reductions, the Federal State Government has supported, among other things, the establishment of a Regional Management Office to market the former defense properties in the District of Schleswig-Flensburg. "Close to 70% of the original nearly 2,500 acres of military property in the district has been taken up by private companies or utilized for environmental protection projects," added Dr. Marnette.
Amenities at Port Olpenitz will include 7,000 guest beds throughout the entire resort, with accommodations for at least 1,500 in the resort's waterfront hotels alone. Ample meeting and conference space will be provided for business guests. Additionally, there will be an 18-hole golf course, an open-air arena for major events, world class shopping, a marina, a boatyard equipped with state-of-the-art maintenance technology, and a heated winter storage facility for sailing yachts and motor cruisers.
"The planned constellation of leisure, sports and accommodations allows investors to benefit from key growth areas in Schleswig-Holstein's tourism sector," Marnette continued. "With excellent facilities for sailing, enjoying nature, wellness and other health-related activities, Port Olpenitz will encompass the full scope of our tourism strategy."
"American Realty Investors (NYSE:ARL) is excited to see the Port Olpenitz dream becoming reality," said Daniel J. Moos, chief operating officer, Prime Income Asset Management. "We look forward to the day when we officially open northern Europe's most beautiful and exciting travel destination."
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