Berlin's landmark Hotel Adlon to be sold for at least €280 million

Property company Jagdfeld wants to sell the legendary Hotel Adlon in central Berlin for at least €280 million ($322 million) but needs the approval of investors to do so, according to a report by the trade publication Immobilien-Zeitung (Property Newspaper) published on Tuesday. 

The hotel is part of a fund - Fundus-Fonds 31 - managed by the Jagdfeld Group, the report said.

The group confirmed the process when approached for comment. The fund, and with it the Adlon, belongs to around 4,000 owners, predominantly private investors who are at a stage in life where they wish to divest their holdings, it said.

"By pursuing the planned sale, we are best meeting the wishes of our investors and are in a position to achieve the highest possible price," the group said in a statement. 

The fund company was in the comfortable position of being able "to take this path freely and of its own accord and hand Germany's most famous hotel to new owners," it added.

According to the Immobilien-Zeitung report, shareholders have been proposed a liquidation of the fund with a minimum sale price of €280 million. A vote is already under way and requires a majority of 75% of votes cast. Should a decision in favour of a sale be reached, a structured bidding process will be conducted with an international broker, the report said.

For guests of the Adlon, a possible sale will not change anything for the time being. According to the Jagdfeld Group, a lease agreement with hotel operator Kempinski runs until the end of 2032.