Patrizia buys Ruby Lilly Hotel from Art-Invest
Patrizia has purchased the Ruby Hotel in downtown Munich from Art-Invest. The property called “Ruby Lilly” has 174 rooms and is leased to Ruby Hotels & Resorts for a 25-year term. Art-Invest Real Estate had converted the eight-story structure from an office building to a boutique and design hotel last year; it opened this February. The purchase is for the “Patrizia Hotel-Invest Deutschland I” fund, which is managed by Patrizia.