A little piece of Tuscany in the heart of Germany

Baden-Baden/Kuwait. The internationally active Al-Hassawi Group of Companies (Kuwait) has bought the Neues Schloss in Baden-Baden. The building and grounds, which are protected as a historical monument, are to be converted into an exclusive hotel complex. This will assure the future of this culturally important German palace, which has stood empty and unused for many years.

The sale of the Neues Schloss was announced at a joint press conference given by the House of Baden, represented by HRH Prince Bernhard of Baden, and the Al-Hassawi family. It has been agreed not to divulge the selling price. Prince Bernhard showed his pleasure and satisfaction that, after many years, a secure future had been found for the Neues Schloss and the park and gardens in which it stands. Prince Bernhard emphasized that the sale of this historically important property has been effected after close consultation with the town of Baden-Baden and the State of Baden-Württemberg. With this sale, he said, the House of Baden had also fulfilled its obligation to preserve this outstanding building permanently.
The Chairman of the Al-Hassawi Group, Mubarak Abdul-Aziz Al-Hassawi, considers the Neues Schloss in Baden-Baden to be an “outstanding property of European dimensions”. Al-Hassawi: “We consider Baden-Baden and the location of this building to be a wonderful place. We are planning an exclusive hotel complex. I am delighted that my family and Group of Companies can make a contribution towards preserving for posterity such an important cultural monument in Germany and putting it to a new use. I am convinced that the Al-Hassawi Group, with our worldwide experience in real estate and hotel complexes, will succeed in creating a first-class hotel here in Baden-Baden. Baden-Baden is a magnificent town with incomparable architecture and a location surrounded by greenery. Baden-Baden is Europe from its most beautiful side.”
Al-Hassawi announced that the historical building fabric would be treated with the greatest of care and sensitivity. A number of conversions and extensions would have to be undertaken to ensure long-term economic utilization. A comprehensive examination of the property’s future utilization as a hotel would, he stated, take between six and nine months.
The Al-Hassawi Group estimates the cost of restoration at around 18 million Euro. Additionally, it is estimated that a further investment volume of between 60 and 80 million Euro will be required.
To the question whether there was an alternative to utilization as a hotel, Mubarak Abdul-Aziz Al-Hassawi gives the following reply: “Because of our long experience we are extremely confident that utilization as a hotel is possible.
The activities of the Al-Hassawi Group, domiciled in Kuwait, are mainly concentrated on real estate and project development. It is also active in the manufacture and distribution of engineering and electrical products. The Group is represented in the Middle East, in Europe (with important projects in France and Spain) and the USA. As well as the real estate and property business, its main focus of attention is on the hotel sector. Al-Hassawi operates hotel complexes in Europe and in the United Emirates. At present further hotel projects are being developed in Europe and in the United Emirates. The Chairman of the Group, Mubarak Abdul-Aziz Al-Hassawi, has specialized in restoring large, historically significant buildings as residences of palatial quality.

Baden-Baden, 30th October 2003