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The Renaissance Munich Hotel was originally constructed as an apartment building owned by 271 individual owners. The hotel building represents a typical 1980s flat roof style with architectural elements like bay windows and aluminium glazed French doors, in a business surrounding of Munich’s most thriving district ‘Schwabing’. The owners approached Jones Lang LaSalle Hotels with the disposal of the asset subject to a vacant possession asset deal and the sale of the adjacent retail and office spaces.
Jones Lang LaSalle was instructed together with Christie + Co with the sale negotiations. Interest was generated from a large number of internationally renowned investors.
The American private-equity firm Redwood Grove together with the German operating company Event Holding purchased the 4-star hotel at a price of around EUR 29 million. The retail-/office space generated an additional sales price in the amount of EUR 10 million. The hotel will continue to be managed by Renaissance (Marriott) but in late 2012, the hotel will be completely renovated and operated under a new brand.
For more information, please contact Thorsten Faasch, +49 211 130 0665.
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