AURELIUS Equity Opportunities sells property in Göttingen to Art-Invest Real Estate
- Hotel acquired from private owner in early 2018
- Since then extensively renovated by corporate owner
- AURELIUS’ involvement in hotel activities to be concluded in first quarter 2020
Munich, February 14, 2020 – AURELIUS Equity Opportunities SE & Co. KGaA (ISIN DE000A0JK2A8) has sold a hotel property in Göttingen that it had owned since early 2018 to Core Budget Hotelfonds, a special fund of Art-Invest Real Estate Funds GmbH. The closing of the transaction is expected to occur during the first quarter of 2020.
After being acquired by AURELIUS the hotel was operationally integrated in GHOTEL hotel & living, and with the expiration of the franchise contract with Steigenberger/Intercity, in October 2018 it was renamed to GHOTEL hotel & living. The property was comprehensively renovated during this time. This included the complete modernisation of all 144 rooms, the redesign of the entrance and reception area, the redesign and re-equipping of the restaurant, and extensive investments in fire protection as well as contemporary heating and air conditioning.
“With the sale of the Göttingen property, our involvement in the GHOTEL Group, one of our first corporate acquisitions, has come to a successful close,” notes Gert Purkert, Executive Board Member of AURELIUS Equity Opportunities.
“The GHOTEL in Göttingen adds another hotel product to the portfolio of Core Budget Hotelfonds, with its currently 15 hotels. This new acquisition is a perfect fit with the profile of our special fund,” comments Dr. Peter Ebertz, CEO and Head of Hotels at Art-Invest Real Estate. “The fund will continue to invest in the growing Economy and Midscale category with various operators.”
Art-Invest Real Estate was advised in legal matters by Hogan Lovells, and in technical matters by Vitzthum. The hotel consultant was CBRE. AURELIUS was advised by Arnecke Sibeth Dabelstein and BNP Paribas Real Estate.