Commerz Real has acquired a 4-star boutique hotel in Philadelphia for its open-ended real estate fund Hausinvest.
The German fund manager said it bought the Kimpton Hotel Monaco, at 433 Chestnut Street, from the American real estate investor KHP Capital Partners.
Both parties have agreed to maintain confidentiality on the purchase price, Commerz Real said.
Commerz Real said it has concluded a fixed-term lease agreement for 20 years with two extension options with a subsidiary of KHP.
The hotel is operated by Kimpton Hotels & Restaurants, a member of the Intercontinental Hotels Group.
The building was constructed in 1907 as a branch of the Lafayette Bank and converted into a hotel in the years 2010 to 2012.
The hotel has a total of 268 rooms, a restaurant, a bar, conference areas, a fitness centre, as well as a roof deck and rooftop bar.
The purchase means the hotel share of the Hausinvest fund is now 10.4%.
