German listed property company Patrizia has acquired a Motel One hotel on Tegernseer Landstrasse in Munich for an undisclosed amount. The acquisition from Gecon Immobilien, a Büschl Group company, was carried out by Patrizia's institutional fund management KAG business for the LB Hotel-Invest Deutschland I fund.
German listed property company Patrizia has acquired a Motel One hotel on Tegernseer Landstrasse in Munich for an undisclosed amount. The acquisition from Gecon Immobilien, a Büschl Group company, was carried out by Patrizia's institutional fund management KAG business for the LB Hotel-Invest Deutschland I fund.
The lease agreement with Motel One will run for 25 years with the option to extend by a further five years. The two-star design hotel opened in 2010 and comprises 250 rooms with total floor space of approximately 7,000 m2. It is part of the 40,000 m2 Giesinger office and administrative complex, and is therefore also part of a 12-hectare Büschl Group urban land development project.
The transfer of ownership is planned for the second quarter of 2012. Colliers Schauer & Schöll acted in the transaction.
Patrizia manages real estate assets worth over EUR 5 bn.
