Quinlan Private has sold the hotel, NH Hotel Frankfurt City, to an open-ended fund run by German manager Deka Immobilien for an undisclosed sum.
The Dublin-based private equity real estate firm bought a 50 percent stake in the newly-developed hotel from developer FOM Real Estate in July 2007.
The hotel was part of a two-property deal, which saw Quinlan also acquiring a 50 percent stake in an office building, Bleichstrasse 1. According to data from Real Capital Analytics, Quinlan paid €30 million for the hotel stake and €18 million for the office property interest.
In a statement, Quinlan and FOM said they sold the Frankfurt hotel to WestInvest Target Select, a German open-ended fund managed by Deka Immobilien “realising an attractive return on the investment”.
Quinlan partner Thomas Dowd said, together with FOM, the firm was now focusing its attention on the office property, Bleichstrasse 1. The building was 40 percent leased at the time of purchase in 2007.
“Quinlan Private regards Germany as an attractive market for investment,” Dowd said.