ART-INVEST ACQUIRES NOVOTEL ERLANGEN
Cologne-based Art-Invest Real Estate has bought the Novotel Erlangen, in the southeast German city of Erlangen, for its Hotel-Manage to Core fund from E&P Real Estate closed-ended fund. The purchase price was undisclosed but is rumoured to be in the region of €20 million (€118,000 per room). The 170-room hotel, which opened in 2001, is operated by Accor under a long-term lease. The sale brings Art-Invest's hotel acquisitions for 2015 so far up to €280 million.