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Jones Lang LaSalle’s Hotels & Hospitality Group successfully advised on the transaction
Munich, 09 April 2013 - Following the insolvency of the former owner of the 280-room-hotel, the Swiss Grod Hotel GmbH, in 2012, the administrator Dr. Sven-Holger Undritz, Partner of White & Case Insolvenz GbR, took over the hotel, which was subsequently closed on February 1st 2013. The administrator assigned the Hotels & Hospitality Group of Jones Lang LaSalle to sell the property.
A multitude of potential national and international investors were identified within a short period of time for the dated 5-star-property at Hamburg’s preferred location Aussenalster. After a well-structured bidding process and within three months of being mandated, the sales agreement was signed at the beginning of March 2013 with Kühne Immobilia GmbH, a 100% subsidiary of the German Kühne Holding AG. The building will undergo a full refurbishment and be revitalized as a hotel property in the future again.
Following the sale of the Fairmont Hotel Vier Jahreszeiten in January, in which Jones Lang LaSalle’s Hotels & Hospitality Group acted as an advisor to the vendor, the InterContinental was the second property in the Hanseatic city to be sold in 2013, demonstrating a clear sign of the attractiveness of Hamburg as a sought after investment location.
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