Deka Immobilien has acquired a four-star business hotel in Frankfurt for its open-ended fund WestInvest TargetSelect. The seller is a joint venture of German property developer Fom Estate GmbH and Quinlan Private. The hotel was recently developed by Fom Estate and is a part of a larger complex which includes 7,286 m[sup]2[/sup] of office space and residential accomodation. The parties agreed not to disclose the purchase price. WestInvest was advised by Jones Lang LaSalle Hotels.
Deka Immobilien has acquired a four-star business hotel in Frankfurt for its open-ended fund WestInvest TargetSelect. The seller is a joint venture of German property developer Fom Estate GmbH and Quinlan Private. The hotel was recently developed by Fom Estate and is a part of a larger complex which includes 7,286 m2 of office space and residential accomodation. The parties agreed not to disclose the purchase price. WestInvest was advised by Jones Lang LaSalle Hotels.
The Hotel Frankfurt City consists of 256 rooms, of which eight suites, a bar and a fitness and wellness centre, a restaurant and a conference centre. The 12,100 m2 hotel is fully let to NH Hotels with a 25-year lease term.
Quinlan Private bought a 50% interest in the complex in July 2007 in a deal valuing the property at EUR 60 mln.
