Art-Invest Real Estate has acquired the Dorint Kongresshotel Mannheim for its hotel management to core fund from E&P Real Estate for an undisclosed sum.
In the course of the acquisition, Art-Invest Real Estate concluded a long-term lease with Neue Dorint GmbH, which has occupied the hotel since 1996.
'Mannheim as the centre of the Rhine-Neckar metropolitan region is a nationally and internationally renowned congress destination and is considered an extremely stable hotel location. Neue Dorint has completely renovated the hotel since 2012. The meeting and conference area, the restaurant and the rooms were modernized with an investment volume of around €6 mln, in order to position the hotel in the long term on the market,' commented Dr. Peter Ebertz, Head of Hotels At Art-Invest.
With 287 rooms and suites, the hotel also numbers 13 modern conference rooms including a 1,000-person capacity ballroom and 200 underground parking spaces.
The debt financing for the deal was provided by Sparkasse Heidelberg.
The buyer was advised by McDermott Will & Emery lawyers tax consultants LLP, factorP projektmanagement and Cushman & Wakefield.
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