German Estate Group (GEG) has agreed to acquire the Villa Kennedy luxury hotel from Commerz Real's hausInvest open-end real estate fund for an undisclosed amount.
German Estate Group (GEG) has agreed to acquire the Villa Kennedy luxury hotel from Commerz Real's hausInvest open-end real estate fund for an undisclosed amount.
The deal was financed by lender pbb Deutsche Pfandbriefbank.
Completed in 2006, Villa Kennedy provides 19,250 m2 of lettable area over 163 rooms, 720 m2 of office accommodation, and 126 car parking spots.
The central building of the hotel complex is the listed historic Villa Speyer mansion that the Jewish banker Eduard Beit von Speyer, member of one of the leading families of entrepreneurs in Imperial Germany, raised at the turn of the twentieth century.
The asset is run by hotel operator Rocco Forte on a long-term leasehold basis.
'With the acquisition of the prestigious Villa Kennedy, GEG commits itself in a hotel property that is known far beyond the borders of Germany,' commented Ulrich Höller, CEO of GEG, which is jointly owned by private equity Group KKR and Frankfurt-based property firm Deutsche Immobilien Chancen-Group.
