Art-Invest Real Estate has announced the acquisition of the five-star Dorint Hotel Maison Messmer in Baden-Baden, Germany, for its management to core fund.
The hotel was acquired for an undisclosed sum from a closed-end real estate fund of financial holding Honestis.
In addition to the hotel acquisition, Art-Invest Real Estate said that it has signed a new long-term lease for the luxury hotel with operator Neue Dorint.
The building dates back from 1834 and was completely renovated in 2001. It provides 152 rooms and 65 parking spaces in the centre of the famous German spa town, located in the state of Baden-Württemberg in southwestern Germany.
'We will implement a comprehensive renovation programme that will significantly increase the value of public areas, modernize the rooms and integrate a new catering concept,' commented Peter Ebertz, managing director and head of Hotels at Art-Invest.
The deal is being financed by a syndicate of Sparkasse Heidelberg and Sparkasse Baden-Baden / Gaggenau. The buyer was legally and financially advised by Hogan Lovells, technically by factorP projektmanagement and commercially by Hotel Affairs Consulting.
The deal follows Art-Invest's acquisition in December last year of the Dorint Kongresshotel Mannheim for its hotel management to core fund from E&P Real Estate for an undisclosed sum.
