First Sponsor to acquire Frankfurt hotel with key shareholders CityDev & Tai Tak for $136 mil

SINGAPORE (Dec 7): First Sponsor has formed a joint venture with its two key shareholders, City Developments (CityDev) and Tai Tak Estates Sendirian Berhad, to acquire the Le Méridien Frankfurt Hotel in Germany for a total of €85.0 million ($135.9 million).

First Sponsor is 35.9% and 45% owned by CityDev and Tai Tak respectively.

The hotel is a freehold property occupying an aggregate land size of about 4,405 sqm, comprising two buildings: A historic part with a monumental status built in 1905 that has 80 rooms, and a modern part built in the 1970s with 220 rooms.

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