MUNICH, Germany -- Geneva-based Kempinski Hotels sold The Kempinski
Hotel Atlantic in Hamburg and Kempinski Hotel Gravenbruch in
Frankfurt to a consortium of private German investors.
The properties were together sold for approximately $60.5
million. The sale is part of the company's long-term goal of
"gradually transforming itself into a pure hotel management
company," according to a released statement.
Kempinski signed a 20-year management contract for each property
worth a total of $21.7 million. The new owners will invest in the
two properties to secure their "market leading position," the
statement said.
Kempinski, meanwhile, will invest in its anchor property in
Munich, Kempinski Hotel Vier Jahreszeiten, the chain reported.
Kempinski Hotels & Resorts currently manages 30 properties
around the world, including 13 in Germany. The company aims to
increase this total to 60, with 20 in Germany, within five
years.