Commerz Real Kapitalverwaltungsgesellschaft (KVG) has purchased the Dorint hotel An der Messe in Cologne for its Commerz Real Institutional Hotel Fund. The seller is Messehotel Koln. The purchase price was not disclosed.
The six-storey four-star hotel was completed in 2001 and totals nearly 20,000m². It comprises 313 rooms, a restaurant and a bar, along with a wellness area, conference facilities, and an underground parking for 131 units. It is fully leased to Dorint Hotel An der Messe Koln GmbH for 25 years, which means that Dorint is responsible for the operational equipment and the maintenance of furniture and micro-technology, while the hotel fund is responsible for the maintenance of the large-scale technology and of the roof and framework.
The asset benefits from public transport access and the immediate vicinity of Cologne trade fair in the city’s Deutz district.
Johannes Anschott, the board member of Commerz Real responsible for institutional business, commented: "We are now expanding the portfolio of our fund to include a well-established property in an excellent premium trade fair location with the experienced lessee Dorint, and so in the long term we are offering our investors a secure cash flow."
