Hamburg-based fund manager Lloyd Fonds has acquired two hotel developments in Germany for EUR 36mln from German hotel development firm GBI. Lloyd Fonds bought two Motel One developments in Nuremberg and Berlin and said the hotels will be transferred to a new closed-end fund which will be launched at the end of August. The Nuremberg site is due to open this summer, while the development in Berlin - with 410 rooms - is scheduled to open its doors in the end of 2009.
Hamburg-based fund manager Lloyd Fonds has acquired two hotel developments in Germany for EUR 36mln from German hotel development firm GBI. Lloyd Fonds bought two Motel One developments in Nuremberg and Berlin and said the hotels will be transferred to a new closed-end fund which will be launched at the end of August. The Nuremberg site is due to open this summer, while the development in Berlin - with 410 rooms - is scheduled to open its doors in the end of 2009.
The two companies also said they have signed a letter of intent for a further Motel One hotel in an unnamed German city.
