US investment company Westbridge Hospitality Fund has sold the Holiday Inn hotel in Hamburg to Grand City Hotels and Resorts for an undiclosed amount. Developed in 1965 and renovated three years ago, the four-star hotel consists of 105 rooms. Grand City Hotels and Resorts is a private investment company which is 50%-owned by Lehman Brothers.
US investment company Westbridge Hospitality Fund has sold the Holiday Inn hotel in Hamburg to Grand City Hotels and Resorts for an undiclosed amount. Developed in 1965 and renovated three years ago, the four-star hotel consists of 105 rooms. Grand City Hotels and Resorts is a private investment company which is 50%-owned by Lehman Brothers.
Jones Lang LaSalle Hotels acted for the seller.
Westbridge Hospitality Fund is a joint venture of the Westmont Hospitality Group and pension fund Caisse de depot et placement du Quebec. The company, which is managed by Westmont Hospitality, bought the hotel in March 2006 as part of a 24-hotel portfolio deal from InterContinental Hotels Group in a EUR 352 mln transaction. The hotel was sold to Westbridge with a 15-year franchise contract.
