Commerz Real Kapitalverwaltungsgesellschaft (KVG) has purchased the Dorint Hotel An der Messe in Cologne on behalf of its Com-merz Real Institutional Hotel Fund for an undisclosed amount.
The seller is Messehotel Köln.
The six-storey four-star hotel was completed in 2001 and encompasses nearly 20,000 m2 of leased space as well as 131 underground car parking spaces, with 313 rooms, a restaurant, a bar, a wellness area, and conference areas that allow for flexible designs. It boasts a 25-year lease term.
'We are now expanding the portfolio to include a well-established property in an excellent premium trade fair location with the experienced lessee Dorint, and so in the long term we are offering our investors a secure cash flow,' commented Johannes Anschott, the board member of Commerz Real responsible for institutional business.
The hotel under the Dorint brand is the third acquisition by the 'Commerz Real Institutional Hotel Fund. At the beginning of 2018 the vehicle purchased two hotels under the Ibis and Mercure brands in Brisbane, Australia.
The fund, which is structured as an open-ended special AIF (alternative investment fund), was launched at the end of 2017 and focuses on business hotels in the three- to five-star segments in international metropolises with a targeted volume of €2 bn and annual return of about 6%.
