ART-INVEST ACQUIRES THE SOFITEL HAMBURG ALTER WALL
Cologne-based Art-Invest Real Estate has purchased the Sofitel Hamburg Alter Wall in Hamburg, northwestern Germany, from a private UK pension fund for an undisclosed sum for its Hotel-Manage to Core fund. The five-star, 241-room hotel, which opened in 2000, is next to one of the city's canals. "Hamburg continues to be one of the strongest German hotel markets with tremendous growth of overnight stays and a healthy mix of business and leisure tourism," said Dr. Peter Ebertz, head of hotels at Art-Invest. This is the real estate group's third purchase for the Hotel-Manage to Core fund, following the acquisitions of the 169-room Steigenberger Hotel Bad Homburg and the 174-room Mercure Hotel Leipzig am Johannisplatz last year.