US investment company Westbridge Hospitality Fund has sold the Holiday Inn hotel in Hamburg to Grand City Hotels and Resorts for an undiclosed amount. Developed in 1965 and renovated three years ago, the four-star hotel consists of 105 rooms. Grand City Hotels and Resorts is a private investment company which is 50%-owned by Lehman Brothers.
As Ares completed a €325 mln French logistics acquisition from Blackstone, another French portfolio came onto the market.
