May&Co Buys Cologne Cathedral Office Building for Hotel Conversion; JLL Advises Seller

COLOGNE, Oct. 13, 2026 – Hamburg-based family-owned firm May&Co has acquired a property directly beside Cologne Cathedral, planning to convert the former office and retail building into a refined-lifestyle hotel. JLL advised the seller and arranged the transaction, the firm announced.

Property and Redevelopment Plans

The property at Dompropst-Ketzer-Straße 1-9 has roughly 8,000 square meters of above-ground floor area and was most recently used as an office and commercial building. It was built in 1974. The site covers approximately 1,600 square meters and sits next to Cologne Cathedral and near Cologne Central Station.

May&Co plans a refined-lifestyle hotel with about 13,200 square meters of gross floor area, roughly 250 rooms and around 40 underground parking spaces. As part of the conversion, the building's two basement levels will be retained, while the above-ground floors will be replaced with a new structure. Completion is planned for mid-2030.

The program implies about 52.8 square meters of gross floor area per room. That figure is an indicative development metric, as gross floor area may include circulation, amenities and back-of-house space.

JLL and Advisers

JLL advised the seller and arranged the transaction. The seller received legal advice from the law firm Loschelder. May&Co was advised legally by Arnecke Sibeth Dabelstein and technically by Novia Consulting GmbH.

Cologne Office Market Context

Cologne's office market has shown relative resilience, though leasing demand has weakened. First-half 2026 office take-up totaled 73,100 square meters, below both the prior year and the five-year average. Vacancy rose 30 basis points year over year to 5.0%, the lowest rate among Germany's major markets. Prime rent held at €32.50 per square meter per month, while weighted average rent declined by about 6% over the period.

Across the Big Seven German markets, vacancy reached roughly 8.5 million square meters, or 8.5%, by mid-2026, up from 7.7% a year earlier. Average prime office yields in those markets rose 15 basis points in the second quarter to 4.46%.

Investment Market Backdrop

German commercial property investment volume reached approximately €17.6 billion at midyear, up 15% year over year. JLL reported that Cologne transaction volume rose 122% in the first quarter, although absolute volumes remained relatively modest.

The Cologne deal reflects a strategy of redirecting a central, transit-adjacent office asset toward hospitality use. Completion in mid-2030 leaves the project exposed to changes in construction costs, interest rates and Cologne's hotel supply and demand over the development period.

About JLL

JLL (NYSE: JLL) is a commercial real estate services and investment management firm with annual revenue of $26.1 billion, operations in more than 80 countries and a workforce of more than 112,000 as of June 30, 2026.

Sources

• JLL Germany press release: May&Co kauft Bürogebäude am Kölner Dom