German real estate investment company KanAm Grund said its KanAm Spezial Grundinvest fund has acquired its first hotel. The Holiday Inn Zurich-Messe project will be operated as a Holiday Inn franchise under a 20-year lease. The hotel is set to open for business in the first quarter of 2009. Investment will amount to around EUR 35.7mln. The 160-room hotel will have a conference centre, restaurant and 90 underground parking spaces.
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