Aurelius buys five hotels in Germany

Munich-based Aurelius Holding has acquired five hotel properties in Germany for its subsidiary Ghotel for an undisclosed price. The seller is the German housing group Deutsche Annington.

The three-star hotel assets are located in Munich (3) as well as in Hanover and Brunswick. Over the coming years, Aurelius intends to invest in the renovation and expansion of the properties, which were already operated by Ghotel. The hotel in Hanover will be expanded with an additional meeting room for up to 300 people in 2011.

Ghotel, which belonged to Deutsche Post until 2005, has recently been reorganized and expanded by its parent Aurelius and currently boasts a turnover of EUR 20 mln. The hotel company has strengthened its activities with the opening this year of a new hotel in Koblenz and the planned opening of a further hotel in Würzburg at the end of 2011.

'The purchase of real estate used by Ghotel is a clear sign that we have great ambitions with the company,' said Gert Purkert of Aurelius' management board.

'This property acquisition is an important milestone for the expansion of Ghotel group. The fact that Aurelius financially supported us shows again that we have found the right partner for Ghotel,' added Wolfgang Zurn, commercial director of Ghotel.

Aurelius was advised by Colliers Property Partners.