trending Market Intelligence /marketintelligence/en/news-insights/trending/o8jeve_Xzz7ipyyj0UGJng2 content esgSubNav
In This List

First Sponsor partners with City Developments JV to buy German hotel for €85M

Blog

Japan M&A By the Numbers: Q4 2023

Case Study

An Investment Bank Taps S&P's Real Estate Modeling Expertise

Blog

FIMA EUROPE 2023: Exploring the Intersection of Data, Governance, and Future Trends in Finance

Podcast

Private Markets 360° | Episode 8: Powering the Global Private Markets (with Adam Kansler of S&P Global Market Intelligence)


First Sponsor partners with City Developments JV to buy German hotel for €85M

First Sponsor Group Ltd. partnered with a joint venture between two of its key shareholders, City Developments Ltd. and Tai Tak Estates Sdn. Bhd., to acquire the Le Méridien Frankfurt Hotel in Germany for €85.0 million.

The hotel sits on a 4,405-square-meter site and comprises two buildings. The first of the buildings was built in 1905 and has 80 rooms, while the 220-room second building was built in the 1970s. A 670-square-meter conference space and a fitness and wellness area are also housed in the hotel, along with 48 parking spaces.

MHP Parkhotel GmbH leases the property to May 31, 2040, and the hotel is operated under Starwood's Le Méridien brand.

The acquisition marks the first foray into Germany for First Sponsor. Earlier, City Developments signed a €98.9 million acquisition deal for a mixed-use property in Munich.