Watson Farley & Williams (“WFW”) advised STEP Partners Europe GmbH (“STEP Partners”) on the acquisition of the hotel operations of the Holiday Inn Express Baden-Baden, Germany pursuant to a long-term lease agreement. The acquisition completed on 1 November 2026, with the hotel remaining operational during the transaction.
The hotel comprises 108 rooms and is located in Baden-Baden, one of Germany’s leading spa, culture and tourism destinations.
Through the transaction, STEP Partners expands its business model, which has previously focussed primarily on owner-operated hotel investments, by adding its first long-term lease arrangement. The hotel will continue to operate under the Holiday Inn Express brand, further strengthening the existing relationship between STEP Partners and IHG Hotels & Resorts.
STEP Partners is a pan-European hotel investment, operations and management company. Its portfolio comprises hotels operating under international brands, including Marriott, Hilton, IHG and Accor.
The WFW Germany Infrastructure team that advised STEP Partners was led by Munich Corporate/Real Estate Partner Jörn Fingerhuth, working closely with Associate Stefan Riedmeyer.
