German investor KanAm has acquired the newly built Holiday Inn hotel in Zurich for EUR 22 mln. The hotel, which opened its doors in mid March, was acquired on behalf of KanAm Spezial grundinvest Fonds. The deal represents the first hotel acquisition for the German open-ended fund. The property was sold by InterContinental Hotel Group which will operate it under a 20-year management agreement.
German investor KanAm has acquired the newly built Holiday Inn hotel in Zurich for EUR 22 mln. The hotel, which opened its doors in mid March, was acquired on behalf of KanAm Spezial grundinvest Fonds. The deal represents the first hotel acquisition for the German open-ended fund. The property was sold by InterContinental Hotel Group which will operate it under a 20-year management agreement.
