Patrizia Immobilien has acquired the new Ruby Lilly Hotel & Bar in central Munich from Art-Invest Real Estate. The purchase price was not disclosed. The eight-story, 5,200 sqm property was converted into a hotel from an office building and extensively modernized in 2016. It reopened this February. The operator, Ruby Hotels & Resorts, is committed to a 25-year lease. The hotel, located on Stiglmaierplatz, features 174 rooms and 29 parking spaces.
