CGI (Commerz Grundbesitz Investmentgesellschaft), a German open-ended fund, has acquired a 300-room hotel development at Charles de Gaulle airport in Paris. CGI will buy the 17,700sq m hotel, which will comprise conference facilities, a fitness centre and restaurant on its completion in 2003 and will lease it back to Marriott Hotels & Resorts for 25 years. German open-ended funded funds are legally required to derive their real estate income from rental or lease agreements. This latest acquisition fro CGI represents its fourth hotel property in Europe and its first sale and leaseback deal with a hotel operating company.
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