The hotel development Europäischer Hof in Baden-Baden, Germany has been transferred to a new investor. The luxury hotel, which is still under construction, was acquired by a German pension fund. The new investor intends to complete the development as a five-star-luxury hotel within a period of about 2.5 years. The hotel operator of the property will be Steigenberger Hotels AG.
Europäischer Hof is the founding hotel of the Steigenberger family. The project development for the revitalization and expansion of the Europäischer Hof had to be transferred to insolvency in self-administration in September 2019.
On behalf of the seller, King & Spalding assisted on the entire transaction, including due diligence and negotiation of the purchase agreement. At the beginning of the insolvency proceedings in 2019, the Frankfurt team had already worked on auditing the existing contractual relationships and claims of the creditors. The Frankfurt Tax team also accompanied the entire proceedings from a tax perspective and was also actively involved in the investor process. In 2014, King & Spalding had already advised on the purchase of the hotel property in connection with a tax-optimized acquisition structure.
The King & Spalding Frankfurt team representing the client included Axel Schilder, Henning Aufderhaar, Michael Prinz zu Loewenstein and Sten Hornuff.