CB Richard Ellis Investors has bought 10 hotels in Germany from US investment company Lone Star for its hotel investment fund Dynamique Hotels. Financial details were not disclosed. The deal, which was concluded at end-2007 but not announced until last Friday, was part of a share swap and included the hotels' management companies as well as the hotels themselves.
CB Richard Ellis Investors has bought 10 hotels in Germany from US investment company Lone Star for its hotel investment fund Dynamique Hotels. Financial details were not disclosed. The deal, which was concluded at end-2007 but not announced until last Friday, was part of a share swap and included the hotels' management companies as well as the hotels themselves.
The hotels, located among other places in Bremen, Dortmund, Mannheim and Neu-Isenburg, are either three- or four-star establishments and were operated under the Quality Hotels brand and other names. According to French media reports, the hotels will be incorporated into the French Balladins chain in the course of this year. Further takeovers in France are planned, the reports said.
Baker & McKenzie advised the buyer on the transaction and Freshfields Bruckhaus Deringer acted for the vendor.
