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The Atlantic Congress Hotel Essen, located directly at the Gruga Halle and the Congress Centre in Essen, opened in January 2010 under the Atlantic brand. The owners, Zech Hotel Holding, approached Jones Lang LaSalle's Hotels & Hospitality team with the disposal of the asset on a sale- and leaseback basis.
Jones Lang LaSalle advised Zech Hotel Holding on the lease contract and sale negotiations and successfully generated interest from a number of internationally renowned institutional investors.
The transaction was negotiated and completed in less than 4 months which is especially remarkable given the still lasting effects of the economic and financial crisis.
The open-ended real estate fund WestInvest, subsidiary of Deka, purchased the 4-star hotel for the fund WestInvest TargetSelect Hotel in a sale -and leaseback transaction.
Zech Hotel Holding will continue to operate the hotel under a long term lease agreement under their Atlantic brand.
For more information and investment opportunities in Germany, please contact Thorsten Faasch, +49 211 130 0665.
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