ART INVEST TO ACQUIRE THE MARITIM COLOGNE FROM COMMERZ REAL

The substantial 454-room Maritim Cologne hotel and conference centre is being acquired by local Cologne-based Art Invest Real Estate from a closed fund, for a price of around €120 million, with the sale due to close upon approval of the German M&A authorities. Maritim will continue as operator, however, it is expected that Art Invest will substantially renovate the 55,000 m² property, which the seller had held without major renovation since 1997.

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