A 113-bedroom hotel in Adlershof just outside of Berlin has been sold for €15 million by a group of Irish investors assembled by estate agency Bagnall Doyle MacMahon.
According to The Irish Times, the hotel, which was purchased for €5 million with equity of €1.6 million in 2015, comes accompanied with planning permission for a conversion into student accommodation for the University of Humboldt, which is adjacent to the property.
The building's sale will result in a 500% gross return on investment for the investors.
© 2018 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.
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