Esplanade Hotel Berlin © Matthias Hamel. Further image material can be found here.

Frankfurt (October 2025) – Step Partners today announced that it is to manage the historic Esplanade Hotel in Berlin from 1 December 2025. The appointment comes ahead of plans for a thorough renovation of the iconic hotel on Lützowufer in Berlin-Tiergarten which will transform the hotel and place a renewed focus on modern lifestyle, sustainable hospitality and international guest services.

The Esplanade Berlin, which is owned by DFI, an independent pan-European private equity real estate platform, combines timeless elegance with urban comfort. Ideally located between Kurfürstendamm and Potsdamer Platz, the hotel offers 354 spacious rooms and 40 suites with floor-to-ceiling panoramic windows. A modern 24/7 fitness center, 120 underground parking spaces with e-charging stations, and 12 light-filled events spaces ensure the highest level of comfort – perfect for both business and leisure travelers.

In the coming months, Step Partners, together with DFI, are planning an up to €40 million transformation of the Esplanade Berlin. Through a comprehensive renovation, a modern lifestyle design concept and a clear strategic direction, the hotel will be revitalised and reestablished as a leading premium destination in the heart of Berlin for business travelers, events and leisure guests.

The historic Grand Hotel Esplanade on Bellevuestraße was one of Berlin’s most legendary hotels during the Roaring Twenties and after its destruction in World War II, the new Esplanade opened in 1988 at its current location – serving as a symbol of the rebirth of Berlin’s hospitality scene, which endures to this day.

Gastronomic highlights include the Elements breakfast restaurant; the stylish Ellipse Lounge with its modern fusion cuisine; and the newly opened Unique Bar Berlin, featuring live music and a

cosmopolitan atmosphere. The glass-covered plaza terrace invites guests to relax outdoors throughout the year.

With over 1,000 square meters of events space and state-of-the-art hybrid meeting technology, the Esplanade Hotel Berlin is one of the city’s most sought-after venues for conferences, away-days and weddings. Sustainability and social responsibility form the foundation of Step Partners’ strategic realignment.

“We are delighted to take on the management of such a historic yet modern property as the Esplanade Berlin. This hotel holds a special place in Berlin’s hospitality landscape, and we are proud to have the opportunity to play and active part in shaping its future. Together with DFI, we are planning a comprehensive renovation comprising an investment of up to €40 million, which we expect to begin in 2026. The hotel will remain fully operational throughout this period. With our experience and passion for hospitality, we aim to make the Esplanade Hotel a place that delights both Berliners and guests from around the world. At the same time, the Esplanade perfectly complements our existing hotel portfolio in Germany and strengthens our market presence,” says André Guettouche, Partner at Step Partners.

About Step Partners:

Step Partners is a Europe-wide company specializing in hotel investments, operations, and management. In collaboration with institutional partners, the firm acquires, leases, repositions, and operates individual hotels and entire hotel portfolios – often focusing on projects with significant development potential that are revitalized through targeted renovations, brand conversions, and comprehensive restructurings. Over the past two years, a total of 14 hotel projects – ranging from extensive renovations to rebrandings with leading international brands – have been successfully completed or are currently underway.

For additional information see https://www.step.partners
LinkedIn: https://www.linkedin.com/company/step-partners-gmbh/

About DFI:

DFI is a pan-European private equity real estate firm with offices in London, Munich, Madrid, and Luxembourg. It manages over €4 billion of assets under management and focuses on building thematic customer-centric platforms and executing special situations.  The firm acts as the investment adviser to its discretionary funds, co-investment vehicles and separate accounts serving a global institutional client base that includes sovereign wealth and pension funds, insurance companies, financial institutions and family offices.

For additional information see https://www.dfi-rep.com/

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London, Frankfurt, Antwerp – 1 October 2024

ASHG (Alchemy Step Hotel Group) is pleased to announce the acquisition of FLI Group, a portfolio of eight hotels in Belgium. ASHG is an investment partnership between Alchemy Special Opportunities LLP and Step Partners GmbH, dedicated to investing in the European hotel sector.

FLI Group’s portfolio consists of 8 hotels, operating under prominent hotel brands in key Belgian destinations: Mercure Liege City Centre, Mercure Antwerp City South, Holiday Inn Express Antwerp City North, Holiday Inn Ghent Expo, Holiday Inn Express Hasselt, Holiday Inn Hasselt, Mercure Antwerp City Centre, and Astoria Hotel Antwerp.

This acquisition represents a strategic expansion of ASHG’s holdings, further solidifying its presence in the European hospitality market. ASHG plans to enhance the value of these assets through a series of asset management initiatives, including refurbishments and repositioning of selected properties. With this acquisition, ASHG’s portfolio will now include 13 hotels, offering more than 1,800 rooms across Belgium and Germany.

“We are thrilled to integrate FLI Group into the ASHG portfolio,” said Steven Lewerenz, a spokesperson of ASHG. “This acquisition is a significant step forward in our growth strategy, enabling us to expand our footprint and reinforce our leadership in the European hospitality industry.”

ASHG is actively seeking further hotel investment opportunities across Europe, as it continues to build a leading portfolio of properties under globally recognized brands such as Marriott International, Accor, and IHG. ASHG’s hotels are managed by Step Partners under long-term management agreements.

JLL acted as M&A advisor to the seller. JLL also arranged the financing for ASHG.

Alchemy Step Hotel Group (“ASHG”) is an investment platform focused on special situations in the hotel sector in Europe. The partnership was established in 2022 by Alchemy Special Opportunities LLP (“Alchemy”) and Step Partners GmbH (“Step”). ASHG acquires single hotel assets and hotel portfolios in the two- to four-star category across Europe, with a focus on Germany, Benelux and neighboring EU countries. ASHG specialises in hotels that require repositioning, renovation and operational turnaround.

About Alchemy Partners

Alchemy is a European alternative asset management company founded in 1997. Through its private equity and special opportunities funds, Alchemy Partners has invested more than £5 billion in over 200 transactions since its inception and currently advises funds with approximately £2 billion in assets under management.

www.alchemypartners.co.uk

About Step Partners

Step Partners is a hotel management and investment company focused on turnaround situations in the European market. Step works with institutional equity investors to acquire and manage hotels and hotel portfolios. Step aims to generate superior returns through the strategic, operational and financial repositioning of its hotels.

www.step.partners

• ASHG’s dynamically growing portfolio now encompasses three hotels with more than 450 rooms
• Rebranding and renovation of properties to Marriott International’s Courtyard by Marriott and Moxy Hotels brands has been initiated
• As a strategic partner, AllianceBernstein is providing substantial financing for additional ASHG hotel acquisitions

London/Frankfurt am Main, February 27, 2023

ASHG (Alchemy Step Hotel Group), an investment platform specializing in hotel turnaround situations, has acquired two more hotels: the stays (formerly Renaissance) hotel in Bochum and the nh hotel in Schwerin. Together with the Hotel am Technologiezentrum in Dortmund, which was acquired in February 2022, ASHG’s portfolio currently encompasses three hotels with a total of 450 rooms. ASHG will conduct extensive renovations to these hotels in the coming months and reposition the properties pursuant to recently signed franchise agreements with Marriott International. As a result, the Hotel am Technologiezentrum Dortmund and the nh Schwerin will operate under the Courtyard by Marriott brand and the stays hotel Bochum under the Moxy Hotels brand.

In addition, ASHG has entered into a strategic financing partnership with AllianceBernstein, a leading investment management firm, for the modernization of existing hotels and the acquisition of additional hotels throughout Germany. ASHG plans to invest up to EUR 250 million in equity capital into hotel assets in Germany and neighbouring EU countries.

The former stays hotel in Bochum is located adjacent to the Ruhrstadion, RuhrCongress and the Starlight Express Theater. The hotel has 177 rooms, a restaurant and bar, fitness and wellness facilities as well as ten conference rooms. Following the conversion, the hotel will be operated as a Moxy Hotel, a playful, affordable, and stylish hotel brand.

The nh Hotel in Schwerin has 144 rooms and features a restaurant and bar, sauna and fitness room, and nine conference rooms. Like the hotel in Dortmund, which is currently under renovation, it will operate as a Courtyard by Marriott hotel post conversion. Courtyard is a smart, dynamic hotel brand that helps guests make the most of their time on the road. Combining innovative technology with style and comfort, the brand’s modern and open lobby provides guests with flexibility to work or relax.

For the conversion and modernisation of the existing hotels, ASHG is investing a sum in the tens of millions. According to ASHG, the refurbishment in Dortmund will be completed by fall and the renovation in Bochum and Schwerin by the end of the year.

Based on the franchise agreements signed with Marriott International as well as the partnership with AllianceBernstein, ASHG is pursuing further investment opportunities in the German hotel market with the goal of building a substantial portfolio of hotels with a minimum of 100 rooms each. These properties will operate under internationally-recognized hotel brands and will be managed by Step Partners on a long-term basis.

André Guettouche, Partner at ASHG, said: “ASHG was founded at the beginning of 2022, and in this short period has established itself as a specialized investor in the German hotel market. With the equity capital of our founding partners and the support of AllianceBernstein as strong debt partner, we have optimal positioning to build an attractive portfolio of hotels with internationally-recognized brands.”

“We have a substantial investment pipeline in place and are currently in negotiations for the acquisition of further properties. Even though the current environment for hotel operations is challenging in the near term due to staff shortages and high energy costs, we are confident that the German hospitality market will remain intact and continue pre-pandemic growth trends, both in terms of occupancy and room rates.”

Alchemy Step Hotel Group (“ASHG”) is an investment platform specializing in hotel turnaround situations. Formed in early 2022 by funds advised by Alchemy Special Opportunities LLP (“Alchemy”) and Step Partners GmbH (“Step”), ASHG is backed with €250 million of equity capital. ASHG acquires individual hotels with more than 100 rooms as well as hotel portfolios in the 2-to-4-star category across Europe. The focus is on hotels in B-locations of A-cities or in A-locations of B-cities in Germany and neighbouring EU countries. ASHG generally focuses on properties that require significant repositioning, refurbishment and an operational turnarounds. The platform has full flexibility to acquire hotels directly from the owners or out of bankruptcy.

Alchemy is a European alternative asset management business established in 1997. Since inception it has invested over GBP 4.8 billion in over 200 transactions via its private equity and special opportunities funds and currently advises funds with asset under management of c. GBP 1.5 billion. www.alchemypartners.co.uk

Step Partners Step Partners is a fully-integrated hotel management and investment company focussed on the European market. Step works together with a select group of institutional equity partners to acquire and manage hotel assets and hotel portfolios. Step specializes in turnaround situations with the aim of creating above market returns in hotel assets through strategic, operational and financial re-positioning. www.step.partners

(NASDAQ: MAR) is based in Bethesda, Maryland, USA, and encompasses a portfolio of nearly 8,300 properties under 30 leading brands spanning 138 countries and territories. Marriott operates and franchises hotels and licenses vacation ownership resorts all around the world. The company offers Marriott Bonvoy®, its highly-awarded travel program. For more information, please visit our website at www.marriott.com. In addition, connect with us on Facebook and @MarriottIntl on Twitter and Instagram.

AllianceBernstein L.P., parent company of AllianceBernstein Limited, is a leading investment-management firm with $646 billion in client assets under management, as of December 31, 2022. AB offers high-quality research and diversified investment services to institutional, high-net-worth and retail investors, in major world markets.

AB’s investment capabilities span diverse asset classes, investment styles and geographic markets. They include: Luxembourg-domiciled global, regional and sector-specific equity funds; multi-asset and alternative funds; and fixed-income strategies that encompass the entire risk/reward spectrum.

In Europe AB’s asset management operation has 11 offices in 9 countries offering high conviction equity funds and specialist fixed-income strategies, liquid alternatives and multi asset solutions to institutional investors, discretionary wealth managers and financial advisers. www.alliancebernstein.com

London/Frankfurt/Dortmund, February 2, 2022

Funds advised by Alchemy Special Opportunities LLP (“Alchemy”), the European private equity and special situations firm, and Step Partners GmbH (“Step”), a fully-integrated hotel operator and investment company focused on turnaround situations, have formed a hotel investment platform (Alchemy Step Hotel Group, “ASHG”) that aims to invest up to EUR 250 million into hotel special opportunities.

ASHG is acquiring single hotel assets of greater than 90 keys and hotel portfolios in the 2 to 4 star category across Europe, with a focus on primary and secondary urban markets, primarily in Germany, Austria, Benelux and the UK. ASHG focuses on assets that typically require significant re-positioning, refurbishment and operational turnarounds.

The platform has full flexibility to acquire hotel assets directly from owners, out of administration or invest into non-performing debt secured against hotel assets.

As a first investment, ASHG acquired the Hotel Dortmund am Technologiezentrum, a 90-room three-star hotel located in close proximity to the Technical University Dortmund, the adjoining Technologie Zentrum Dortmund as well as the trade fair and event locations of Westfalenhalle and Signal Iduna Park. Step will take over operations from the incumbent tenant as of 1 March 2022.

Matthias Gradischnig, Director at Alchemy, commented: “We are delighted to be partnering with Step, whose partners have an excellent track record as hotel operators and developers. As an experienced investor in the hotel sector, we aim to bring stability to assets that have often been struggling since the onset of the COVID-19 pandemic as well as the funds to modernize and re-position under-invested assets.”

Bas de Vries, a Partner at Step, added: “The first investment of our ASHG platform, Hotel Dortmund am Technologiezentrum, is testament to our conviction in the continued attractiveness of limited service, urban hotel assets in Europe. With its vicinity to important trade fair and event locations, academic institutions, the city center as well as major company headquarters, we see significant potential from a diversified mix of business and leisure customers. Furthermore, we expect material upside from a targeted refurbishment and repositioning program. Pairing our operational experience with the expertise, network and financial resources of Alchemy, we are in an excellent position to make further acquisitions and grow our portfolio in Europe.”

Alchemy is a European alternative asset management business established in 1997. It has invested over GBP 4 billion since inception in over 180 transactions and currently advises funds with asset under management of c. GBP 1.6 billion.

www.alchemypartners.co.uk

Step is a fully-integrated hotel operator and investment company based in Frankfurt, specializing in turnaround situations with the aim of generating above market returns in hotel assets through strategic, operational and financial re-positioning.

www.step.partners