The WertInvest Group, privately held by Austrian businessman Michael Tojner, is buying the 458-room InterContinental Vienna for €50 million (US$66 million) from a Lebanese investment firm headed by Toufic Aboukhater.
The transaction is expected to close in the second quarter of this year.
InterContinental Vienna is located adjacent to the southern end of Vienna’s famous Stadtpark.
Aboukhater had purchased the hotel as part of a portfolio of other European hotels which Morgan Stanley sold for a loss at €450 million (US$600 million) after it bought it in 2006 for €634 million (US$845 million).
