DTZ Asset Management announced the acquisition of a portfolio of four hotels in Germany under the Wyndham and Mercure brands from Grand City Hotels, one of the largest independent hotel operators in Germany, Property Magazine International reports.
The portfolio consists of four hotels: two in Cologne next to the train station, one in Bonn and one in Frankfurt near the Messe conference centre, totaling more than 500 rooms. The hotel portfolio will be leased on a long-term basis, triple net rent.
In this transaction, the buyer was advised by LPA Germany and LPA France for fiscal and legal due diligence and by MKG Hospitality for the German hotel market study. The Grand City Group was advised on the sale by ASI Real Estate.