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The luxury hotel “The Ring” in Vienna was sold. It is not yet known what will become of the hotel.
As the business magazine “Profit” reports in its new issue, the Viennese real estate and garage dynasty Breiteneder bought the five-star hotel on Ringstrasse for 28.8 million euros.
The Ring, opened in 2007 by Saudi Sheikh Mohamed Al Jaber, had been owned by a Luxembourg fund since 2016. It was detached in August from the 6,000-square-meter house with its 68 rooms. The buyer was a company belonging to the Breiteneder family, one of the largest national workshop operators.
“They are in the evaluation phase”
According to the head of the company, Johann Breiteneder, it is still unclear how the hotel should continue in the worst crisis in the urban hotel industry and if a new use would be conceivable, for example, as luxury apartments.
“We are currently in an intensive assessment phase regarding the property’s future direction and optimization potential and therefore cannot make a final statement at this time,” quotes Breiteneder magazine.
