Berlin – The Singapore-based stapled trust CDL Hospitality Trusts has acquired the four-star Pullman Hotel in the Schwabing district of Munich in a share deal for 98.9 million Euros. The target companies were Dutch B.V.s. The acquired building complex at Theodor-Dombart-Straße 4 also comprises office and retail space which makes up 15 per cent of the total area. According to the brokerage firm JLL, who also advised on the transaction, this has been the largest single hotel transaction in Munich since the third quarter of 2015. For the stapled trust, which is managed by M&C REIT Management Limited and M&C Business Trust Management Limited (the “Managers”), this is the first acquisition in Germany and—after the acquisition of hotels in Cambridge and Manchester—the third in Europe.
An international CMS team headed by Lead Partners Dr. Andreas Otto und Dr. Gerd Leutner has provided comprehensive legal advice to CDL Hospitality Trusts on this transaction which was structured as a tender offer. This is the first time that CMS is working with the Singaporean stapled trust through the Managers.
The four-star hotel has 337 rooms and, since its extensive renovation in the years 2012–2016, it has been operated by Event Hotel AG. They will continue to operate the hotel under the brand name of Pullman Hotels & Resorts.
CMS Hasche Sigle, Germany
Dr. Andreas Otto, Lead Partner, Real Estate & Public, Hotels & Leisure
Dr. Gerd Leutner, Lead Partner, Corporate, Hotels & Leisure
Dr. Markus Vogt, Senior Associate
Franziska Krokutsch, Senior Associate
Mario Müller, Associate, all Real Estate & Public, Hotels & Leisure
Dr. Michael Bauer, Partner, Competition Law
Dr. Benjamin Schirmer, Counsel, Public Law
Prof. Dr. Marion Bernhardt, Partner
Dr. Mario Merget, Associate, both Labour Law
Alexander Schmitt, Counsel, Financing
Johannes Steinacher, Associate, Corporate
Thomas Maur, Senior Associate, Insurance
CMS Derks Star Busmann, Netherlands
Martijn van der Bie, both Partner
Abbas Ali Hyder
Lisanne van der Velden, both Associates, all Corporate