ECE sells Düsseldorf hotel project to Patrizia

German developer ECE has sold the 25hours hotel development in the Düsseldorf Le Quartier Central quarter to Patrizia Immobilien, acting on behalf of one of its special funds.

The parties agreed not to disclose the purchase price.

Designed by architects HPP Architekten, the hotel is being developed by ECE and will be operated by the 25hours Hotel Company on a 20-year lease, with opening planned for the spring of 2018.

Construction of the 18-storey hotel with 198 rooms is scheduled to commence in the middle of 2016.

ECE bought the plot of land from Aurelis Real Estate in September 2015.

'We are pleased about the excellent cooperation with Patrizia and delighted that we could sell the property successfully. This transaction reflects the trust of the market in ECE and in our ability to develop high-quality hotels,' said Andreas Mattner, managing director of ECE's Office, Traffic, Industries division.

JLL Hotels & Hospitality advised ECE on this transaction, while White & Case provided legal support.

Patrizia has expanded its involvement in the hotel sector in recent years and currently manages €400 mln of hotel assets.