ART INVEST ACQUIRES SIX GERMAN PROPERTIES FROM B&B
Real estate investment firm Art Invest has acquired three hotels and three sites in Germany from B&B Hotels in a sale-and-lease-back deal for an undisclosed sum. Two of the hotels are already operating in Cologne and Passau, and the third property is due to open soon in Basel/Weil am Rhein. The three sites are in Berlin, Ludwigshafen and Mainz. Cologne-based Art Invest will construct a B&B hotel on each site by 2016. All six of the assets (which will total 689 rooms when they are all in operation) are leased to B&B under an initial 20-year term.