Provinzial Lebensversicherung has sold the 301-room Crowne Plaza Hotel at Rudolfplatz in Cologne to a group of Spanish investors. The purchase price was EUR 50 mln, according to newspaper Kolner Stadt-Anzeiger. The Spanish investors intend to re-open the hotel, which is now operated by Intercontinental Hotel Groups, under another brand from the beginning of 2008. The 20-year lease contract with the current operator of the hotel, Intercontinental Hotel Group, will expire in the end of 2007.
Provinzial Lebensversicherung has sold the 301-room Crowne Plaza Hotel at Rudolfplatz in Cologne to a group of Spanish investors. The purchase price was EUR 50 mln, according to newspaper Kolner Stadt-Anzeiger. The Spanish investors intend to re-open the hotel, which is now operated by Intercontinental Hotel Groups, under another brand from the beginning of 2008. The 20-year lease contract with the current operator of the hotel, Intercontinental Hotel Group, will expire in the end of 2007.
