German fund manager Deka Immobilien has acquired a four-star hotel property in Essen, Germany in a sale-and-leaseback deal with the Zech Group. The acquisition is earmarked for the group's Westinvest TargetSelect Hotels investment fund.

German fund manager Deka Immobilien has acquired a four-star hotel property in Essen, Germany in a sale-and-leaseback deal with the Zech Group. The acquisition is earmarked for the group's Westinvest TargetSelect Hotels investment fund.

Although the financial details were not disclosed, the purchase is said to be Germany's largest hotel investment transaction so far this year.

The 18,000-m2 Atlantic Congress Hotel opened in January this year and offers around 250 rooms, including 20 suites. Zech Hotels Holding will continue to operate the hotel.

Also in Germany, fund manager Fondhaus Hamburg (FHH) said last week that it is buying the Park Inn hotel in the new Gateway Gardens district at Frankfurt airport from local developer Lang & Cie. The EUR 27.5 mln purchase is being made on behalf of the group's first hotel investment fund, which is forking out EUR 20 mln in own capital to buy the asset. The property is leased with a 20-year rental agreement.