German hotel sells for €153m
The 381-room Le Méridien Munich hotel in central Munich sold for €153 million ($171.8 million) to DEKA l, an open-end property fund managed by Deka Immobilien.
It was the largest single-asset hotel transaction in Germany since the sale of the 1,020-room Sheraton Hotel Frankfurt Airport in 1998, according to JLL.
The seller was Kildare Partners, which acquired the hotel in 2014 as part of a two-property acquisition. The 297-room Le Méridien Parkhotel Frankfurt was the other hotel. The portfolio included both debt and equity from Deutsche Bank for €1 billion ($1.12 billion). At the time it was considered the largest transaction to date in Germany.
The hotel opened in 2002 and offers a restaurant, a spa, 381 rooms and suites, meeting and banquet space, and an interior courtyard. The building's total area is about 281,810 square feet, of which the hotel uses around 241,187 square feet. Office and retail comprise some 15 percent