German property company WGF has clinched the sale of the Holiday Inn Express hotel near Frankfurt's main station to an unnamed family office, the Dusseldorf-based group announced during the Expo Real fair in Munich. 'Demand from investors was tremendous,' commented Rico Westermann, WGF's senior manager.

The transaction price is believed to be a double-digit figure. The premium economy hotel offering 116 rooms was opened in March 2011 after nearly nine months of renovation work. The 7,600 m2 asset was originally occupied by Deutsche Bahn, which vacated the building three years ago.

The property will be operated under the Holiday Inn Express brand with a 20-year contract.