Real Estate: Insolvent Luxury Hotel Has Found an Investor - But There's Still a Catch
There is now an investor for the former Hilton hotel Frankfurt Gravenbruch. The purchase agreements have already been signed. However, there is still a significant problem from the authorities' side.
Düsseldorf - The insolvent luxury hotel Frankfurt Gravenbruch has reportedly found an investor in the form of British property developer Comer Group International, according to insolvency administrator Joachim Kühne. Kühne stated that the purchase agreements have been signed and are legally binding. He described Comer Group as "a capable investor." The company boasts "decades of experience in the real estate and hotel business," which provides a "concrete chance to save the historic hotel and more than 100 jobs."
Comer Group has been active in Europe since 2006, acquiring various properties such as shopping centers, office buildings, commercial lands, and real estate. Among its holdings is the high-rise "die Pyramide" in Berlin's Marzahn-Hellersdorf district. However, there remains a significant obstacle to the takeover: European sanctions.
An Iranian businessman, Ali Ansari, a co-owner of the hotel in Gravenbruch, has been under EU sanctions since July 30th. The EU accuses Ansari of supporting the Iranian regime and Revolutionary Guard. Consequently, any business dealings with Ansari are prohibited. Ansari's lawyer has not yet responded to inquiries from Handelsblatt.
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