DTZ Asset Management has acquired a portfolio of four hotels in Germany from hotel operator Grand City Hotels on behalf of a French client.
DTZ Asset Management has acquired a portfolio of four hotels in Germany from hotel operator Grand City Hotels on behalf of a French client.
Financial details were not disclosed.
The portfolio consists of four hotels operated under the Wyndham and Mercure brands and offering over 25,000 m2 and 500 rooms. Two are situated in Cologne next to the train station, one in Bonn and one in Frankfurt near the Messe conference centre. The hotel portfolio will be leased on a long-term basis, triple net rent.
DTZ Asset Management will manage the investment in the long term.
The buyer was advised by LPA Germany and LPA France for fiscal and legal due diligence and by MKG Hospitality for the German hotel market study. The Grand City Group was advised on the sale by ASI Real Estate.
