• International chains become tenants instead of owners For many years supply was not sufficient to satisfy the demand of investors for serviced apartments, even though numerous large international chains have moved into Germany over the past ten years, among them Adina, Accor with its brands Adagio and Adagio Access, Ascott with the Citadines brand and Frasers with Capri by Fraser plus, in the near future, Frasers Suites. As it happens, GBI AG developed quite a few of these properties. For a long time it was customary for financially strong hotel groups such as Adina, Ascott and Frasers to keep hotels in the inventory of their own group of companies. Initially there was nothing on offer for third-party investors. Adina Frankfurt, completed by GBI AG in 2016, was Adina's first rental property and the first institutionally sold serviced apartment building.